Elliott Wave Live: Crude Oil: Flash Alert for October 29, 2010

Friday, October 29, 2010

Crude Oil: Flash Alert for October 29, 2010

Mini Crude Oil continues in a W-X-Y corrective w. iv structure. Attached is the 60-min chart level with the appropriate wave labeling. Earlier in the week I anticipated prices to trade to 79. 15. I'm now expecting a final push down to 81.325 (.618 retracement of the c and d waves) or a possible test the center line of the price chart. Both projections are slightly above the original target. Expect higher prices after completion of w.e.

Aggressive traders may want to consider an entry as w.e completes. Currently the 60 min. momentum is OS and a bullish reversal (not made as of the post) should confirm that w.iv is complete. Stop below 80.525. Since the pattern isn't complete I can only provide estimated price targets. At a minimum, expect a new high above 84.425 with upside potential to 89.275. Once the pattern is completed, I will narrow the price target.

Best of Trading

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Friday, October 29, 2010

Crude Oil: Flash Alert for October 29, 2010

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