Crude Oil forecast as of 10/27/2009

QMZ9 – Market is consolidating but Elliott continues showing “Zig-Zag” (ZZ) 3rd wave in the range of 73.29 – 102.46 between August 10th and October 6th .This wave can last until November 23rd before this specific combination would come invalid. Price wise, there is plenty of room to go.

Move down to low 70s will signal likely the finish of the current up wave.

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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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