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Elliott Wave Analysis For Energy Market
Oil: 1Hour Range: Searching For evidence that the top is in place
From wave II low at 65.75, oil pushed higher in 5 waves, which wave (1) ended at 76.68 high, wave (2) ended at 69.26 low, wave (3) ended at 105.74 high, where wave 1 of (3) ended at 80.16 high, wave 2 ended at 77.02 low, wave 3 ended at 93.96 high, wave 4 ended at 90.21 low, wave 5 ended at 105.74 high, and wave (4) ended at 96.99 low and currently wave (5) in its late stage.
Natural Gas: 1Hour Range: Higher in wave (iii) of ((iii)) of 3
Natural gas pushed higher in wave (5) from the low of wave (4) at 3.536, which wave 1 ended at 4.879, wave 2 ended at 3.781, and wave ((i)) of 3 ended at 5.572, wave ((ii)) of 3 ended at 3.876, wave (i) of ((iii)) ended at 4.938, wave (ii) ended at 4.340, and now we expect a sharply move higher in wave (iii) of ((iii)) of 3 of (5), which the reasonable target for wave (iii) is 6.42 which wave (iii) will equal 1.618 multiplay of wave (i).
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