Active Mo. Weekly
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I have simplified the labeling on the B wave obviously. Of particular note was the complex structure and the extended length of time it ran, lending support to the B wave labeling rather than a 2 wave labeling. The current move down is the beginning of C.
Active Mo. Daily
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Note there is as yet no positive divergence on the RSI (though it is oversold).
There has been an overlap of the beginning point of the last leg up; the c of -C- of B.
The move down has exceeded the .618 retrace of the -C- of B. There has been increasing volume.
It is likely that WTI is in a -3- of 3 of C.
Active Mo. Hourly
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WTI did get the corrective bounce Friday cautioned about in that mornings 6:20 am post,
Elliott 3rd Waves and Crude Oil "Caution; any corrective bounce even a modest one of .382 will be very painful given the extent of the move. And it is a Fri. in August."
The 3 wave can evolve and the labeling on the subwaves change rather easily. However, the most likely scenario, given the repeated series of 1,2's of lesser degree, will be for a repeated series of 4,5's of greater degree to complete a C wave down.
There has been a lot of "adjusting of expectations" by brokers, analysts etc. My analysis has consistently reflected the above Elliott Wave Count ( the rally as a corrective wave) and the expectation of major C wave down.
May 3 2010
May 4 2010
WTI Update
May 6 2010
WTI WOW
May 8 2010
Crude Oil Targets
May 12 2010
Crude Oil Update
May 18 2010
Crude Oil Correction
May 25 2010
Crude Oil Correction Redux
June 2 2010
Crude Oil Update
June 3 2010
Crude Alert
June 8 2010
WTI Wave Count
Crude Count Update
June 13 2010
Crude Oil
June 15 2010
Crude Oil retraced .618
June 16 2010
Long Term Crude Oil Targets
June 17 2010
For the Bulls
June 21 2010
For the Bears
June 22 2010
Crude Oil Update
June 28 2010
Neckline Backtest
July 8 2010
Crude Oil Update
July 29 2010
WTI
August 3 2010
WTI Trendline Takedown
August 5 2010
Elliott 3rd Waves and Crude Oil
The above list contains all my WTI posts since May 3rd. Have a read and have fun.
BTW "Long Term Crude Oil Targets" is still current and unadjusted.
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