Investing.com - Financial Markets Worldwide

Crude Oil Could Witness A Bounce In October:Oil Elliott Wave Analysis

ByCommodityOnline
Published 10/07/2014, 05:48 AM
Updated 05/14/2017, 06:45 AM

OIL Daily
Crude oil is at the lows but based on a larger pattern and RSI divergence suggests that we may see a bounce in October. The wave count is showing idea of a flat correction in wave 2 where wave (c) can still reach levels around 96, maybe even 97 figure before price turns sharply down to $80 per barrel if not lower.

OIL Daily Elliott Wave Analysis



OIL Four Hour
Crude oil is has turned unexpectedly bullish last week from a new low, from around 88.18 figure which makes a decline from 94.90 only in three legs. Therefore, we think that latest sharp drop represents wave (b) as a part of a complex corrective decline that is still unfolding. We are tracking wave 2 again that can be a flat correction, now with sub-wave (c) underway to around 95.00 reversal zone.

OIL 4h Elliott Wave Analysis


Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.