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) 2^nd wave in the range of 50.81- 64.86 between August 5^th and November 5^th;

or

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

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.