Brent Oil Prices to End the Slump Soon?

Brent Oil has been declining sharply during the last five months, falling down from above $115 per barrel in June to under $77 in November. It may seem the sell-off will last forever, but the Elliott Wave Principle gives us the right to disagree. It states that every price move, regardless of how big, is…

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Crude Oil with an Extremely Rare Pattern

The last time we talked about crude oil was on 12th September in an article, called “A Major Bottom for Crude Oil Prices?”, where we suggested, that “the Black Gold” seems to be forming an ending diagonal in the position of wave (5) of C to the downside. Almost a month later, we still think…

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Crude oil, the long-term view

Crude oil is probably the raw material, the world economy depends the most on. That is why we think its price trends deserve to be closely observed and, if possible, predicted. On the next chart you will see the whole price action of crude oil for the last 7 years. The 2008-2009 crash should be counted…

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Crude Oil according to plan

On April 8th we published an analysis on crude oil, in which we were expecting a decline soon. We were preparing for a sell-off, because we had a classical 5-3 Elliott Wave pattern. On the chart below you can see how crude oil looked like, when we made this forecast. The next chart will show you…

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Crude Oil still corrective

In our previous analysis on crude oil we stated that prices could go higher, if the market decides to make wave (2)/B more complicated. On the chart below you can see that this is exactly what happened. What we have now, looks like a double zig-zag labeled w-x-y. Double zig-zags are counter-trend movements, after which the…

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Crude Oil still bearish

Crude oil fell in five waves from 105.20 to 97 dollars. This whole decline happened, despite the Russia-Ukraine conflict and the expectations that it will push prices higher. It happened, because fundamental factors, news and events lag the market and have no impact on it in the long term. And just when everyone accepted that…

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Crude Oil went well

In our analysis from March 16th we were waiting for a decline in wave 5. That forecast of crude oil went well and on the chart below you can see the result. A clear impulse to the downside suggesting that the main trend is pointing south. Trend direction is now expected to reverse for a…

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Crude Oil outlook update

Our crude oil outlook update will start with our analysis from February 25th, because you should know how our bigger picture scenario looks like. As you can see, crude oil has been trading according to the forecast so far and we will continue to use it as a map for possible future developments. Next we have…

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Crude Oil is heading lower

That five-wave decline on the 5-min chart means that Crude Oil is heading lower. Now could be the time for an upside movement, but a strong sell-off should be expected next. Here you can see where this pattern is placed in the bigger time frame – 1 hour chart.

Crude Oil steady as it goes

Crude Oil extended its five-wave decline, dropping by more than 5$, from 105,25 to 100,10, despite the Russia-Ukraine conflict. So, from a fundamental point of view, this fast drop-off was rather surprising. But from an Elliott Wave perspective it was naturally expected, as you can see from our analysis on February 25th. As shown below, after…

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Crude Oil changed direction

Crude oil is confirming our bearish outlook on the 10 min chart. A complete impulse to the downside means that we have to prepare for a three wave rally and go short after it, in order to catch wave (3) or (C). From a trader’s perspective, it does not matter, if it is a third…

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Crude Oil’s strength could be deceptive

Crude oil is in its seventh straight week of steady rise, but is it now the time to be a buyer? In order to find the answer to this question, we have to look at the charts. As shown on the daily chart below, the rally from 77.20 to 112.25 is a zig-zag correction (A)-(B)-(C)…

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Crude Oil big picture

When the Grand Super Cycle (GSC) in crude oil finished his 5th wave in 2008, a sharp and fast decline occurred. Through Elliott Wave perspective, this crash can not be the whole correction of GSC degree, since corrections have three waves. In other words, the rise, that started from the 34$ bottom and is currently…

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