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Don't expect oil prices just to go straight to the moon. The price is way above its major moving average and its RSI/MACD are both diverging, showing slowing upside momentum. It doesn't mean the end of the uptrend, but it does mean a massive percentage pullback could come.

Looks like we're well into a major wave 3 on the weekly chart.

So the major wave 3 on the weekly chart started in the summer of last year. The daily chart shows a blown up/zoomed in version of that wave 3. All advancing waves have five mini waves within them. What you're seeing on the daily chart is that we look to be well into the fifth wave within that major wave 3, which means major wave 3 is likely coming to an end soon. The diverging indicators and seling volume spike are characteristic of that....as is the media hype/attention that oil is getting too right now.

So your wave counts are correct. The bigger picture wave counts on the weekly are the most important because they show the major moves/major trend. But the daily shows where you are within those larger moves. We know the risks of a huge pullback in oil are high too because the price is very far away from its major moving averages on both its daily and weekly chart and we know the sentiment for oil is temporarily overly-positive and the media coverage is bullish on oil too. All characteristic of the Elliott Wave phases 3-5.

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