Crude Oil Could Witness A Bounce In October:Oil Elliott Wave Analysis
CommodityOnline | Oct 07, 2014 05:48AM ET
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.
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