The Oil correction

Oil is moving near Jun levels. Inability to trend are signs of an exhausting trend. This means that intermediate multi month trend should see Oil prices net lower below 70. The interesting aspect however is to understand whether it will make another attempt at 80-90 prices before turning lower or is the top already in.
We inverted the minor (Fig 2) Oil chart to understand the price structure. Till we see a clear break at illustrated channel levels, another leg to complete the final 5 wave structure can’t be ruled out. Now there is no rule which says that the ongoing structure is a five wave subdividing structure and not a three wave corrective. A closer look at XLE, Chevron, heating oil and Gazprom suggests that there is further upside left. So if the respective energy components suggest positivity, we rather wait for a clear break at 70 before jumping in with a view that the multi week top on Oil is in and prices should now push to 60.
60-55 are aggressive down targets for Oil as the larger multi year perspective for Oil remains bullish. Any multi week dips on energy commodity assets are reentering dips.
Enjoy the latest WAVES.OIL.
To access member’s area or Orpheus estore click here.
WAVES.OIL is a perspective product published once a week. The report covers BRENT, WTM, XLE (Energy SPDR), top energy stocks, Natural Gas and related FUTURES. The product highlights Primary (Multi Month) and Intermediate (Multi Week) price trends. The report illustrates key price levels, price targets, price projections and time turn windows. The product uses Elliott waves, traditional technical analysis tools and sentiment indicators. REUTERS RICS: BRT-, WTM-, .XLE , CVX.N, XOM.N, IPNG, NG-P-CAL
ORPHEUS RESEARCH AT REUTERS – UNITED KINGDOM
ORPHEUS RESEARCH AT REUTERS – USA