Crude Oil charts are showing tentative signs of fatigue after the run up from $74.95 to $103.37, a move of almost 38%. I am anticipating a correction back to around the $91 levels, but we need to be patient as there will likely be one more attempt higher first. Crude Oil traders need to keep a close watch going forward to see if we first get a dip to around $97 followed by a move back towards $103. If we get these moves, then the time to sell will be on any dip under $100 AFTER reaching 103. Your stops can then be placed above the high seen. This way you will be able to get an attractive risk-reward for the trade.
Elliott wave comments are given on the two charts you see here. As always, every update you see in WaveTimes is an opportunity to learn and reinforce your understanding the Elliott Wave Principle.
Could you please provide reason why the price should touch $101 before a steep downfall.
Interestingly, today itself the price touched around $97.60 and now up at $98.30 !!
Hi DInesh, When dealing with a complex correction one has to use a bit of imagination, and this comes with experience. I could be wrong there, but what matters is the direction in the bigger picture, not the small squiggles on the way.
I must congratulate you on this timely prediction.
It was precise, first down to around 97.6 and then up to around 101.26 and now it touched 95.5 – barely within 48 hours of your post of this blog.
The price must have asked you when to go up and till what level and then when to go down and till what level 🙂
Dinesh/Sam and others.. thanks, and I am glad you made money. But remember, I am only sharing my knowledge, and you should not think my trade ideas will always be so spectacular.
Simply amazing Ramki!!
Am watching oil fly past 100 at market open on 13 Dec and following your road map exactly….. WOW!!
Simply Great sir , today hit 101 range
wow , I am unbelievable…….I got lot of money from your Post, thanks so much sir …………..
Dear Ramki Sir,
Please update abt crudeoil.
as per ur last update its comes return from $92.50, and now trading at$99. so please suggest wt to do.
This week want to go long on cruide oil. What do you think oil prices reached their lowest level or the pivot point is about of the level 92.80. It can be a flat correction what began on November 17.
Thank you for your comments
Hi Alexander, although there is mild support at 94.85 levels, I am not happy to trade the crude from the long side for the time being