US OIL Elliott Wave Technical Analysis

By: Lara Iriarte | Wed, Feb 12, 2014
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Originally posted 11th February, 2014.

Although upwards movement remains below the invalidation point so far I do not think it is over. This upwards movement is part of a second wave correction one degree higher than I had previously expected.

Overall I am expecting a continuation of upwards movement for a few days yet to about 105.80.

US Daily Chart
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Minor wave 2 is most likely continuing as a flat correction. Minor wave 3 has not begun.

Within the expanded flat minute wave a subdivides easily as a three. Minute wave b is ambiguous. Here I am seeing it as a three where previously I had seen this movement as a five.

Within minor wave 2 minute wave b is a 106% correction of minute wave a so this is an expanded flat correction. Expanded flats normally have C waves which end substantially beyond the end of their A waves. At 105.80 minute wave c would reach 1.618 the length of minute wave a, and minor wave 2 would be just above the 0.618 Fibonacci ratio.

When minuette wave (iii) within minor wave c is complete then we may draw a parallel channel about minute wave c using Elliott's technique. For now the best fit channel drawn here will do.

I would expect minute wave c to remain within its channel. When the channel is very clearly breached by a full daily candlestick below and not touching it then we would have trend channel confirmation that minor wave 2 is finally over and minor wave 3 downwards is underway.

US Oil Hourly Chart
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Within minor wave c minuette wave (iii) is incomplete. Within minuette wave (iii) subminuette wave iii is close to completion. Following that subminuette wave iv may not move into subminuette wave i price territory below 98.38.

 


 

Lara Iriarte

Author: Lara Iriarte

Lara Iriarte
elliottwavegold.com

Lara Iriarte

Elliott wave is one of the more difficult and complicated technical analysis tools. When done right it can be uncannily accurate.

I have been using the Elliott wave principle to analyse up to five markets a day since 2008. I began Elliott Wave Forex (originally ForexInfo.us) in 2009 to provide daily analysis of EURUSD and GBPUSD, then I began Elliott Wave Stock Market in 2010. Elliott Wave Gold began in August, 2013. Currently I provide daily analysis of Gold on this site, and daily analysis of the S&P 500 on Elliott Wave Stock Market for its members.

I have a science background (BSc) which has trained me to think logically and be evidence focussed. Over the years I have seen no market movement which does not fit into the clear and restrictive rules for Elliott wave structures.

I have members who are fund managers, institutional investors and professional traders.

If you want to learn how to apply the Elliott wave principle to any market my analysis service is designed to teach you, daily, how to do this.

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