Crude Oil forecast as of 09/15/2009

QMV9 – Market is still in the range and  has not broken out 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_090915_A_Blog

or

B: 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_090915_B_Blog

Market 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.

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