Crude Oil forecast as of 10/06/2009

QMX9 – Market is still in range and Elliott is still showing that 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 6^th.

This range trading has been going on unusually long for oil market, so be ready for breakout any time.

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