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Home » Crude Oil Outlook
Oil

Crude Oil Outlook

RamkiBy RamkiAugust 15, 201114 Comments1 Min Read
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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!

Oil
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View 14 Comments

14 Comments

  1. HEMIN on August 15, 2011 6:02 am

    Sir,
    I request you to explain in details the below mention points in your BOOK.
    1)HOW TO LABEL WAVE (Both impulsive & Corrective)
    2)HOW TO KNOW WHICH WAVE IS EXTENDED and HOW TO LABEL IT
    3)WAVE PERSONALITY (1,3,5,&2,4)
    4)HOW WE KNOW COMPLEX CORRECTION TAKE PLACE

    Regards
    hemin

    Reply
    • Ramki on August 15, 2011 11:05 am

      Hemin, all of that is covered, and with examples.

      Reply
  2. Antony on August 15, 2011 7:53 am

    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

    Antony

    Reply
    • Ramki on August 15, 2011 11:05 am

      Hi Antony, Welcome to the club, and best of luck

      Reply
  3. Eric on August 17, 2011 3:33 pm

    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).

    Reply
    • Ramki on August 17, 2011 11:57 pm

      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.

      Reply
      • Eric on August 18, 2011 6:07 pm

        Thanks Ramki, I really do appreciate your hard work of keeping this website available for us to learn.

        Reply
  4. MANOJ on August 18, 2011 7:42 pm

    sirji (guruji) appka jawab nahi super prediction crude is now 81 fantastic

    Reply
  5. Chauhan mufazal on August 20, 2011 1:26 pm

    Hi sir its fantastic
    89.20-79.40=weekly 61.8%=A wave
    84$=A*50%
    now its going C going onwards?

    Reply
  6. Yash Patel on August 31, 2011 1:50 am

    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.
    Thanks.

    Reply
  7. arvind on September 7, 2011 4:20 pm

    sir have the counts on oil changed..with yesterdays move

    Reply
  8. Riddhi on September 7, 2011 8:33 pm

    Sir, Yesterday oil has moved up 4%. By tht is there any change in count?

    Reply
  9. vasan on October 25, 2014 9:29 am

    hi can i get it as the paper book in tamil nadu if yes where ? i don,t like kindle

    Reply
    • Ramki Ramakrishnan on October 25, 2014 9:33 pm

      Hi Vasan
      Sorry, the book is only available in Kindle edition at present.

      Reply

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