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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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