Vasile
Long

Crude´s bottoming out but not just yet

LSE_EOD:CRUD   ETFS COMMODITY SECURITIES LIMITED ETFS WTI CRUDE OIL
81 1 1

Oil             prices have been plunging for a year now ( since the formation of the head and shoulder pattern last summer) and I think the trend will continue for a few weeks considering the uncertainty over the Chinese growth demand being weaker in a market already oversupplied.

Eliot Wave analysis:

Short-term structure:
As the 3`rd wave of the intermediate degree ( yellow line ) is extended, the 1´st and the 5´th waves tend to be iqual. Hence, as the first wave measures aprox. 4,30, the price target for the fifth wave should be expected at the 10,70 price level where it will stay a bit longer. Expect the trend to accumulate in this trading range it has lingering the first half of 2015.
Intermediate term out-look:
ETF Crude Oil             has been hovering this year ( late January and, especially March low) at approximately 11$ level, closely to 6 year lows. This could be a significant support line from wich crude will build a corrective upmove to the 20-22 level where the 4´th wave of the lesser degree developed on its way down.

Conclusion:

Crude will stay low for now but poised to turn up in the intermediate term.
One of the most reliable Intermarket relationships, the one between the Dollar Index             and Commodities ( they are inversely correlated) shall be watched closely as it can hint early warning of an impending reversal of the oil             downtrend.




Let´s see
Reply
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out