Wyckoff_Analytics
Long

Oil Intraday Update - Phase D is underway!

NYMEX:CL1!   Light Crude Oil Futures
UPDATE: Latest reaction suggest acceleration and prices above $60

Pattern confirmation: Rally into short term overbought above $60
Pattern failure:
close below $53.50
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Volume is falling. Taking into account of the 5 wave structure from the 16th of September I expect wave 2 to conclude around the $60.
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@rdwyckoff, Thank you. Combining both Wyckoff and Elliot Wave is a powerful tool. We all have to thank the late great Dr. Hank Pruden for his sublime piece of work on the subject. Although, the market has gone lower, it can still reach your target, as Oil is doing a possible WXYXZ pattern for wave 2. The recent fall in the market is the second wave X. This analysis works in line with the trading range labeling.
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I personally think the market will fall instead of rise. This is because we have a clear five-wave pattern to the downside from the 16th of September.
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@oaa37, you were correct. Change of Behavior after inability to climb above $58 suggests more testing at the lower level.
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