Category Archives: Energy

Crude Oil

Bullish View :

Oil still continued to rise in Minute-degree third wave of a first portion in uptrend.

The wave ((iii))’s extreme would be pointed the Fibo target at 51.09, where the third and first waves are equal. After that, the wave ((iv)) will likely develop on the structural support (46.68).

Note: With respect to variant frames of Oil chart, revealing a five-wave structure of Minor degree will fully confirm the bullish case.

Crude Oil - Daily

Crude Oil

Bullish View :

Oil has continued to rise in Minute-degree third wave of a first portion in uptrend.

The wave ((iii))’s extreme would be pointed the Fibo target at 51.09, where the third and first waves are equal. After that, the wave ((iv)) will likely develop on the structural support (46.68).

Note: With respect to variant frames of Oil chart, revealing a five-wave structure of Minor degree will fully confirm the bullish case.

Crude Oil - Daily

Crude Oil

Bullish Outlook :

The Crude Oil’s bear market could have concluded by Minor-degree extended wave C, in the February extreme-low at 26.05.

Technically, in the weekly frame a five-wave structure of Minute-degree to the upside will confirm the medium-term bullish case.

Crude Oil - Weekly

Crude Oil

Bullish View :

As shown on the quarterly chart below, Oil could have started its countertrend rally in Intermediate wave (C) of a flat correction as Primary wave ((B)) since the February low (26.05).

The medium-term rally will carry the price above 103.42 likely in 2 or 3 years ahead.

Crude Oil - Quarterly

Natural Gas

As shown on the N.G. daily chart below, a countertrend rally in Minor-degree wave C would trace out Intermediate wave (4) as a flat correction in three waves.

Accordance with the Elliott Wave Principle, in a “flat” correction:

  • Wave B usually retrace between 100 and 138 percent of wave A.
  • Wave C is usually between 100 and 165 percent as long as wave A.
  • Wave C usually ends beyond the end of wave A.

Natural Gas - Daily

Natural Gas

After extended Intermediate wave (3), the price is correcting in Intermediate wave (4) which would likely tracing out a three-wave as a flat correction.

Based upon this wave count, an impending countertrend rally in third wave of the wave (4) is anticipated.

The wave (4) will eventually result in a final decline as the wave (5) of Primary wave ((C)).

Natural Gas - Weekly

Crude Oil

Oil may still remain in the process of correcting in sideways, as long as hold under 34.82. Any break of this level would negate a running triangle as the fourth wave developing, since its wave c cannot move beyond the wave a extreme.

Based upon this wave count, the sideways developing will result in resuming decline of Minute-degree fifth wave.

Crude Oil - daily

Crude Oil

This week, 8.8% decline of Oil indicates the fourth-wave of its triangle wave (iv) is falling now (wave d, which is prior its same degree wave e up).

The decline of wave d would achieve the Fibo 0.618 expansion level at 28.11. (wave d = 0.618 wave b, a common relationship between the same direction subwaves of a triangle.)

Note : The ultimate target for final decline of Minute wave ((v)) will be able to assess after pointing the triangle’s extreme.

Crude Oil - daily

Crude Oil

Today’s selloff in Crude Oil, would suggest the fourth wave of the triangle wave (iv) may have begun its way down (wave d, which is prior its same degree wave e up).

The ultimate target for final decline of Minute wave ((v)) will be able to assess after pointing the triangle’s extreme.

Crude Oil - daily