Crude Oil forecast as of 11/04/2008
QMZ8 – Elliot shows that 1st wave down from all time highs was “Zig-Zag” (ZZ) that has completed. This ZZ is possibly the 1st wave for the large scale “Double Zig-Zag” (DZ) that is in the process of 2nd wave in the range of 87.02 – 120.55 between December 9th and March 16th 2009.
As long as market does not move above 90.00, it is still possible that the 1st wave down is “Impulse” (IM) that is in the process of it’s 4th wave and one more (5th wave) deeper move down is missing. If market moves below 60.00 and continues making new lows, then it confirms that we are in fact finishing up an IM.
Double Zig-Zag is a three wave pattern, where 1st and 3nd wave is Zig-Zag and the 2nd wave is corrective in nature.
November 4, 2008 8:57 pm 
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