Crude Oil forecast as of 09/08/2009

QMV9 – Market has not broken out of the range so we still have the same two equally likely scenarios. Elliott shows that

A: market is in the process of “Zig-Zag” (ZZ) 2nd wave in the range of 50.81- 64.86 between August 5th and November 5th;

QMContinues_090908_A_BlogB: market is in the process of “Zig-Zag” (ZZ) 3rd wave in the range of 73.29 – 102.46 between August 10th and October 7th

QMContinues_090908_B_BlogMarket move above 75.00 makes scenario “B” more likely, market move below 65.00 makes scenario “A” more likely.

Zig-Zag is a three wave pattern, where 1st and 3nd wave is Impulse and the 2nd wave is corrective in nature.

WordPress Themes