Crude Oil Outlook

Hello folks, It has been a busy few weeks as I was spending all my evenings putting together my book. Almost done, now! Between, I noticed that Crude Oil came quite close to the target of $71. Remember we have been bearish on this from the time it was around 110? (when some leading investment banks were calling it to $150).

The outlook for Crude Oil in the near term is for a failure between 88.10 and 89.50 and come down once again. Hopefully, this time we will reach the target of 71 levels. Stops should be placed on two closes above 89.80 Take a look at the attached chart and stay tuned for the announcement regarding the book!

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  1. Sir,
    I request you to explain in details the below mention points in your BOOK.
    1)HOW TO LABEL WAVE (Both impulsive & Corrective)
    3)WAVE PERSONALITY (1,3,5,&2,4)


  2. Sir ,
    I was so pesimistic about elliot wave and believed market prices moves in radom, but after reading two main post about crude oil ( 2008-2010) and silver Feb -2011 – june 2011…. i am really impressed and believe what i see ….about your wonderfull analytical explanation of wave count…I am here to learn more from you sir…THANK YOU FOR ALL YOUR WORKS to educated newbies like me


  3. Hi Ramki,

    Was wondering how we got to wave 4 on the long term oil chart. Some of the other charts I’ve seen on the web have this as an abc correction from the 2008 drop. They had that 147 top as wave 5 and the $33 bottom overlapped wave 1 (’99 to ’01).

    1. Hi Eric,
      My approach to using EWP is to go as far back as in necessary only. This may not be a ‘purist’ approach, but honestly,

      I would be more than happy to settle for a small profit than be proved a genius in wave counting!

      With that in mind, I will say that the 147-33 drop corrected a five wave rally from the April 1986 low of 9.75 to the July 2008 high of 147.27. From the 32.40 low of Dec 2008, we have finished another 5 wave rally near 115, and the correction from there should ideally go back to at least $71. This has been my theme so far. We have already been to 75.70, close enough, but I am not giving up the sell-on-rally approach yet. At some point, I will change my mind, but until then, there will be low risk selling opportunities in Oil. If you like this response, please tell your friends in the trading community. Best wishes.

  4. Dear Sir,
    I really admire your work. I have one doubt sir, the low of wave 1 is 89.61 and what if the current wave 4 overlap the end of wave 1. Will the count change ? Please advise. I also loved your book, has some very good points. I hope it will benefit everyone.

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