Elliott Wave Outlook for Brent Crude

Well, I thought it might be a good idea to post my Elliott Wave analysis of Brent Crude Oil as well, and it appears on MarketWatch today 26 June 2012. You guessed right! I am a bear there too.



6 Comments

  • drsanjaypote

    Good Morning dear Ramki. This is a bit difficult one[brent crude]. 3 important points I would have easily missed had you not marked on the chart:
    1] The irregular b wave of the fourth wave[expanded flat correction]. I would have taken it as the third wave.
    2) After the completion of the extended fifth wave the corrective A wave is a complex zig zag structure.
    3) The ensuing B wave is again a simple flat wave travelling right upto the start of wave A.
    I hope my study is right. Looking forward to your next post.
    Thanks and regards
    Dr Sanjay Pote

  • newbie

    Hi Ramki,

    Now that Brent has rallied up 10% in the last couple of days, where do you see this heading?

    thanks

  • riddhi

    hello sir, its quoting around 105 usd. whats the view now ?

    • Hello Riddhi, I have already indicated that I was probably wrong on that count. I think we have some very good short term resistance at 107.69 from where a correction back to around 98 is likely. Remember, one always need sto have stops!

  • Piyush Shah

    Ramkiji, Haven’t found any post on Sugar Commodities on your blog. If time permits give your analysis on Sugar Commodity.

    Thanks in Advance.

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