Saturday, May 27, 2006

Crude Oil Futures WTI Elliott Wave Analysis

Crude is trading in a rising channel for more then four years.
The Oil WTI wave is complex, Impulsive and Hyper Extensive, Bull wave that can easily extend even further and continue for several years without serious correction. I will not be in a hurry to call the top for crude oil as the chart is nowhere near to suggest that. Crude Oil is an important corner stone in this great global commodity bull market. Some clumsy reporters like to mistakenly call it the black gold – it is an oxymoron!

So.. Looking at the weekly chart it easy to see that the pullbacks have been modest since the bull cycle started late 2001. The channel is intact and the price has room to move in both directions. On the daily chart again partial wave count with the next move likely to be wave 3 up to new all time high , I would like to remind the number 81$ as an initial target , partial profit taking suggestion.

Click charts to enlarge:



Crude Oil Futures WTI daily chart

Crude Oil Futures WTI weekly chart

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