Commodities
Friday, September 25, 2013
CRUDE
CRUDE IN USD:
BEGINNING OF NEXT ROUND OF BEAR MARKET DOWN TREND:
(ELLIOT WAVE FORECAST)
Crude closed @ $97.11 levels on 24.10.2013. As expected earlier below, it completed TRIANGLE DISTRIBUTIVE TOP as per chart attached. It faced resistance at higher levels & not able to sustain above $110 levels as expected. It made a high of $112.24 levels on 28.08.2013. It made Throw over in last leg of Triangle as per chart attached. Its also coincide with 66.6% retracemnet levels. It falters from these levels.
Daily & Weekly Momentum indicators both are in sells supporting down trend. It has strong support near $90 in short term. Close & sustain below it will lead to sharp fall in Crude for lower levels targets.
It has target of $75, $64, $58, $32 & finally $24 (Equality Target) in short to medium term.
Though this Elliot wave forecasting may look absurd at current levels but one thing is very clear that till it trades below $113, Overall Trend for Crude remains down.
We have to see how many targets it’s going to achieve in this down Trend. Risk reward is very much favorable to sell at current levels or any kind of pull back till it reverses.
BEGINNING OF NEXT ROUND OF BEAR MARKET DOWN TREND:
(ELLIOT WAVE FORECAST)
Daily & Weekly Momentum indicators both are in sells supporting down trend. It has strong support near $90 in short term. Close & sustain below it will lead to sharp fall in Crude for lower levels targets.
It has target of $75, $64, $58, $32 & finally $24 (Equality Target) in short to medium term.
Though this Elliot wave forecasting may look absurd at current levels but one thing is very clear that till it trades below $113, Overall Trend for Crude remains down.
We have to see how many targets it’s going to achieve in this down Trend. Risk reward is very much favorable to sell at current levels or any kind of pull back till it reverses.