Crude Oil Is In Strong Impulsive Downtrend-Elliott Wave Forecast
CommodityOnline | Dec 16, 2014 05:40AM ET
Crude oil is in strong impulsive downtrend with more weakness to come after a new leg down last week, this time through $60 per barrel. Based on latest price chart we see a five wave extension from around 83 area which can be wave (iii) of a larger and extended impulsive weakness. Therefore, we need to be aware of more downside in weeks to come, but ideally after a fourth wave bounce that could rally even back to 63.60 resistance once market will found a temporary low.
OIL Daily Elliott Wave Analysis
WTI crude oil keeps trading lower, now already at $55 after making an extended fifth wave from around 62 area, so seems like price could move even lower, close to 52/53 in this week. However, price is also near to 261.8% extension of a recent corrective fourth wave (ALT shows wave two) so some support could be found later this week, but only rally back above 59 can put short-term recovery in play.
OIL 4h Elliott Wave Analysis
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