Waves.Oil – Oil back to 60

This is what we said on 14 Dec in waves.oil.
“Till we see a clear break at illustrated channel levels, another leg to complete the final 5 wave structure can’t be ruled out.”
What happened? The previous 4 wave support held and prices pushed up in the final 5. The ongoing formation looks like an Ending Diagonal terminal formation. These are major reversal patterns, which retrace completely. This means a reversal from current levels will take Oil back to atleast 60.
The latest WAVES.OIL carries anticipated and happened cases on Heating Oil, Performance cycles on Natural Gas, XLE SPDR and IPNG (Nat Gas Index) and fractals of energy stocks from various regions. Natural gas may be hitting an intermediate performance top against Brent. However the primary (multi month) double bottoms suggest the Nat Gas secular bull has just started.
Enjoy the latest WAVES.OIL

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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
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