Elliott Wave Oil

Elliott Wave Oil 1 Hour Chart
Tuesday, 14 February 2012 at 6:10:00PM AEST
Oil prices spiked above $100 per barrel, but now showing some weakness. So our outlook for earlier is still unchanged; we favour more gains in this week, while market trades above 97.30, and we think that break through the upper channel resistance line will provide some aggressive buying. But before that wave 2 will move deeper and ideally will find the support around 99.60.

Elliott Wave Oil 4 Hour Chart
Tuesday, 14 February 2012 at 5:45:00PM AEST
-uptrend continuation
Oil is trading nicely higher for few days now, broke successfully the falling channel line, which suggests that market is in a continuation mode. Currently, we suspect that wave 3) is underway, which should accelerate to 103.00 in this week, while market trades above 97.30.

Elliott Wave OIL Daily Chart
12 February 2012
-More recovery to come
No change!
A fall from a recent highs, around 103.70 is not impulsive, which means that any top in this market remains unconfirmed. In fact, a declining price action in recent days and weeks was very slow and choppy, so we believe its a correction within incomplete wave (2) rally from $74.80 lows, which will probably reach levels around $105 before we may look for any more important bearish reversal signs.

Elliott Wave OIL Weekly Chart
11 December 2011
-downtrend in progress
Oil reversed perfectly lower in the past few months from 115 resistance region, where we believe that wave B) found a top since prices collapsed through the lower support line of a corrective channel. As such, wave C) is underway, with prices headed towards the levels seen at the start of 2009.
Currently, we are monitoring a corrective rally which should stop at the channel trend-line; support becomes resistance at current levels!

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