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1. April Crude Oil, starting at the high of 18.17 on 1/29/98, does
not have a valid 5 waves down on the daily charts.
2. The third wave is the smallest and the waves overlap. Don't
quite know how to count this from a valid Elliott perspective. A
5th wave triangle possible, but the trendlines are parallel.
3. On a larger scale, the slide from September appears to be finishing
a larger V wave count.
4. The weekly presently shows wave V stopped on the fibo 1.618 of
wave I. Wave I starting at 23.15 - 20.15 on 10/03/97. This is one
obvious resisance level.
5. Another major point of resistance is a prior low of 13.75 on the
weekly charts.
6. Another Fibo where wave II to V is 2.382 time the length of wave I
exists at 13.62.
7. Currently I am bearish due to the lack of an immediate 5 wave
count down to finish the whole slide down from September. The longer
term weekly resisance levels are close tho and a trend change could
be in the offering shortly. Then watch out. Take a look at the
monthly charts and the possibility of higher prices from this low
could be good.
Stig Olausson wrote:
> Nor have I seen any comment on the fact that Light Crude Oil is forming a
> falling Wedge (Bullish) while RSI and Stochastic is forming bullish
> divergences and that a break above $16 would cause a breakout from the
> bullish wedge. I have heard rumours (not on RT of course) that oil stocks
> are performing very well, (I don't know I don't follow them).
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