Tuesday, December 11, 2018

Crude Oil Update...More to Go.

Time to revisit the my Elliott Wave count and it's implications.

Daily

Note the peak volume at the -3- of (3). 
There were a lot of 1,2's and as we write this only one of the sub-waves has been completed on 11/29 at 49.41
If this is the correct count, then there will be at least 2 more lower lows put in, (5) and 5, before a significant rally can develop. 
Hourly

It is still unclear whether the current consolidating structure above 50 is completed yet, but I think it has a little more to go on the upside to finish up a c for the (4) wave.
Meaning the "hour is getting late".
Weekly


Ultimately the spectre of a test of the 26.10 lows is going to be under review as lower lows are put in and the  .618 retrace of the entire move up is put to the test as support.

Addendum; the .618 retrace referred to above is actually at 45.50.
The fib retrace points were off a little in that chart.

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