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Elliott Wave Analysis of Oil (QM futures contract) by Sid from ElliottWavePredictions.com

 Crude Oil  Comments Off on Elliott Wave Analysis of Oil (QM futures contract) by Sid from ElliottWavePredictions.com
Sep 182013
 

Oil QM daily 9-18-13

Elliott Wave Analysis of Oil (QM futures contract) by Sid from ElliottWavePredictions.com. Click on the Chart twice to enlarge.

Oil may have just finished a blue wave 4 triangle, and if it did, Oil will be shooting to the upside aggressively for probably the next couple of weeks at least. If an upward thrust from a triangle is underway, it has logically coincided with US$ weakness over the last couple of hours (leading into the FOMC announcement, due in about fifteen minutes), so if the size of the triangle is an indicator of the size of the thrust, and it usually is, the U.S. Dollar may continue to weaken until this last hoorah runs its course. The reason I say “last hoorah” is because thrusts from triangles are terminal, meaning they mark the final move of larger patterns.

Ultimately, a large spike in oil could easily deal a crushing blow to the already weak economy, so if the upward thrust moves as high as the target zone shown on the chart, it will likely act as the only trump card left that could defeat the fed’s printing press.

Sid
http://elliottwavepre.wpengine.com

Elliott Wave Analysis of Crude Oil (QM futures contract) by Sid from ElliottWavePredictions.com

 Crude Oil  Comments Off on Elliott Wave Analysis of Crude Oil (QM futures contract) by Sid from ElliottWavePredictions.com
Sep 242011
 

Elliott Wave Analysis of Crude Oil (QM futures contract) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

Here’s a sneak peek at my current main Elliott Wave count for Crude Oil (QM), depicted on a weekly chart.

Please join me for my weekly 2-3 hour LIVE Sunday morning webinar. Covered topics include my long, intermediate, and short term Elliott Wave counts and price targets for the major world stock markets, commodities, and currencies, as well as tips on how to improve your own Elliott Wave technical analysis. If you enroll, but can’t attend LIVE, you’ll automatically receive a recording of the webinar. Here’s more info, including how to enroll.

Best Regards,
Sid
http://elliottwavepre.wpengine.com

P.S . . I was on vacation last weekend, but in the last “Counts” webinar (on September 11, 2011), I showed a bearish 1-2-1-2 setup in Silver, and stated that I was definitely bearish the XY contract. Silver was at $41.52 at the time. It closed Friday (9-23) at $31.14, down 25% in two weeks. Yay!

Elliott Wave Analysis of Crude Oil (QM) by Sid from ElliottWavePredictions.com

 Crude Oil  Comments Off on Elliott Wave Analysis of Crude Oil (QM) by Sid from ElliottWavePredictions.com
May 172011
 

Elliott Wave Analysis of Crude Oil (QM) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

Crude Oil, like the currencies, had been floating adrift for the first day-and-a-half of trading this week, but appears to have awakened in late trading today. If my count is correct, Crude Oil will rally in 5 waves over the next few days, moving above $104.675, and likely to the $107 area, where the .618 retracement level of the 5-wave bearish impulse from May 2 through May 6 resides. See the chart for invalidation points, minimum upside target, likely upside target, and the eventual downside target below $64.50.

Sid
http://elliottwavepre.wpengine.com

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