Crude Oil forecast as of 09/22/2009

QMX9 – Market is still in the range and has not broken out but looking closely to the ZZ 3rd wave, it seems that market either needs to start actively moving up or the likely time frame is over soon. Elliott shows that market is in the process of “Zig-Zag” (ZZ) 3rd wave in the range of 73.29 – 102.46 between August 10th and October 6th.

Market move below 65.00 makes it likely that move up has ended.

QMContinues_090922_Blog

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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