Crude Oil In A Post-Triangle Thrust

The bulls took over the control over crude oil in the middle of last month and led its price above $59 per barrel as of today. Despite this strong performance, it looks like it is time for them to retreat for a while. We think so, because of one Elliott Wave pattern, which is visible on…

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Brent Oil Respects The Fibonacci Ratio

Almost two months ago, on February 21st, we said that brent oil is likely to get more expensive, but needs a downside correction first. We thought so, because there was a nicely-looking five-wave impulse to the upside on the 4-hour chart. The Elliott Wave Principle postulates, that there should be a three-wave retracement after every impulse.…

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Cheap Oil… At The Price Of What?

What is not to love about cheap oil? Low oil prices reduce our monthly fuel costs, moreover they leave us with more leftover cash to spent in other sectors. Does this mean, that someone else is paying the price of our convenience ? The top three net oil exporters are Saudi Arabia, Russia and Iran.…

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Crude Oil With a Bullish Elliott Wave Setup

After a long and steep decline, the 30-minute chart of crude oil suggests it may be time for a larger recovery. It shows a nicely looking 5-3 wave cycle, where the five-wave sequence points to the upside. According to the Elliott Wave Principle, prices should be expected to start rising again, as long as the…

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Brent Oil Prices Could Rebound To $60

In our last forecast for 2014 we will take a look at brent oil prices short term perspectives. As the whole world already knows, oil prices have declined by nearly 60 dollars since their June peak at above $115. If you see it on a weekly chart, this sharp sell-off looks almost like a straight line.…

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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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