The today’s rally in Crude Oil, suggests that Minuette wave (c) decline of the ongoing triangle terminated near the anticipated target at $58.07, and Minuette wave (d) rally has begun its way up.
The today’s low at $57.94, should hold for this entire analysis on the triangle Minute wave iv(circle), to remain valid.
Expect more sideways in short term :
Today, the Crude’s rally retraced the 50 percent of last week’s selloff, as expected. The engulfing rally-day would confirm the continuing sideways outlook in short term, prior to the following advance as Minute fifth wave ahead.
The bullish outlook remains now against the $57.95.
A Bullish Alternative In Short-term :
As shown on this daily frame, the Euro seems to have developed a running triangle as Minor wave B so far, prior to a final rally as Minor wave C. The following rally has bullish potential that carry to a new high around the 1.19075.
The recent low at 1.0953 level, must hold for this bullish alternate count on Intermediate wave (B), as an A – triangle B – C formation, to remain valid.
Bear trend in place but expect more sideways in short term :
It seems that Dollar Index’s Intermediate wave (4), now has potential of developing in sideways around the 95.37, as its flat or triangle Minor wave X, prior to resuming the decline in an A-B-C zigzag as Minor wave Y.
Note : Based upon this alternate count, the wave (4) is tracing out a “Double Zigzag”.
As shown on this daily chart, the Euro’s recent outlook still remains intact, as long as the price holds below Minor wave A’s high at 1.1466.
Note : A break of the 1.1466 high would open the pattern to differing interpretations.
Oil’s uptrend in place, but expect more sideways in short-term :
As shown on this daily frame, Oil still retains its bullish potential against the $57.10, in ongoing Minute fourth wave triangle (prior to the following advance in Minute fifth wave ahead).
It is expected that Minute wave v(circle) rally will eventually carry Oil toward the $66.00 level and potentially higher. A break out of the $61.83 level, would confirm the bullish view over the coming weeks.
As shown in this daily frame, the Gold sustains to develop its waves of Minor degree around the $1186-$1200 range.
Based on this adjusted wave count, It seems that an immediate decline still lies ahead (prior to the end of Minor wave D). Then, the trend will likely reverse to higher and rally in Minor wave E thereafter.
The Minor wave B’s low at $1142 level, must hold for this entire analysis on Intermediate wave (4), as a triangle formation, to remain valid.
Note : The fourth-wave developing is shown on this chart, just by labeling its sub-waves of Minor and minute degrees.
The first strong rally day :
Today, the market opened with an upward gap, after a bear-trapped close at the end of Minor wave D, that indicate the start of a strong Minor wave E rally.
The short-term bullish outlook is against the $15.47, through the anticipated target around the $17.00, where the wave E equals 0.618 times the length of the wave C (a common relationship between the same direction waves in a triangle formation).
Expect More Sideways In Near-term :
In the intraday frame, Oil is still developing in sideways the minuette waves of triangle Minute fourth wave.
The market may have made the extreme of Minuette wave (c) at the $58.76 today’s low, If can hold above this level. In this case the following Minuette waves of (d) up and (e) down lie ahead, prior to the end of overall correction in the triangle.
Bullish Potential In Oil :
In the daily frame, Oil still retains its bullish potential against the $57.10, in Minute fourth wave developing, prior to the following advance in Minute fifth wave ahead.
It is expected that Minute wave v(circle) rally will eventually carry Oil toward the $66.00 level and potentially higher. A break out of the $61.83 level, would confirm the bullish view in short term.
Elliott Chart 