markrivest
Short

Crude Oil Looks Very Bearish

NYMEX:CLX2016   LIGHT CRUDE OIL FUTURES
295 8 7
This is a follow up to my USO post. It now appears that the Elliott Wave Horizontal Triangle is complete. If so starting on 10/3/16 a post triangle thrust down to $26 on the weekly nearest continuing chart should begin.

In a Horizontal Triangle each of the five sub waves must subdivide into three wave patterns or a variation of a three wave pattern. In this triangle waves "C" and "E" are single Zigzags. Waves "A", 'B", and "D" are double zigzags.

Also the latest Commitment of Traders Report shows the Commercials still have a very large short positions.
You want to follow the Commercials they have the most money.

Mark
look4edge
2 months ago
hi, opec cut and deal with russia are not speaking bearish, and btw. commercials have very deep pockets...

in your count - last wave e should be 5w not 3w
i rather see it completely different as big traingle in progress, what u have as w3 looks to me triple zigzag wave B and we are now in last E up, in wave c

2yrs channel in challange just now and all indies gathering momentum and i would not be surprised to hit yearly r1 before terminating triangle and resuming down

lets see, cheers

p.s. like your spx count, looks very nice :)

snapshot
Reply
markrivest look4edge
2 months ago
Hi Look4edge

Thanks very much for commenting on my posts.
I've learned the Elliott Wave Theory from the Frost & Prechter book "Elliott Wave Principle" They derived almost all of the wave patterns illustrated in the book
from the work of R.N Elliott. Subsequent to the publishing of the "Elliott Wave Principle" some analysts have developed their own interpretation of the wave theory
and have developed their own wave patterns. I'm assuming you've learned the wave theory from some source other than the "Elliott Wave Principle" because the wave
count you've illustrated for Crude Oil is not one of the patterns in the Frost & Prechter book or anything written by R.N Elliott. Therefore I'm unfamiliar with the pattern you have illustrated,

Mark
Reply
look4edge markrivest
2 months ago
nice, so u may have a look at neely - mastering elliot wave and his neowave update, what are my sources
never read prechter, which is btw. known also through his notorious bad trading decisions...

doesnt matter, my count is based on observation that what u describe as w3 with low has not w5 terminal impulse structure by any means... so its b from w4

take care
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look4edge look4edge
2 months ago
and other reason, if oil breaks 2yrs channel up, it wont go just for peanuts but r1 is obvious target then
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MindTrader
2 months ago
WTI Crude
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ShivGupta
2 months ago
i think the oil price can overshoot to $51 before it follows wave 5?
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ShivGupta
2 months ago
it can overshoot to 51.00 before it sees a downhill movement; like your chart interpretation though
Reply
markrivest ShivGupta
2 months ago
Hi Shiv

Thanks for your comment.

If my wave count is correct we should see the decline begin on 10/3/16 along with a decline in the US stock market.

Mark
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