Crude Oil forecast as of 09/29/2009

QMX9 – Although market moved down, it did not breach our magical 65.00 level and Elliott is still showing 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.

If the market breaks 65.00 and continues down below 60.00, then we know that new wave down has started.

QMContinues_090929_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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