Crude Oil Futures still Poised to go Lower

When we last wrote about crude oil futures

in November, we suggested that price might be ready to embark on the next downward swing. Since that time, the consolidation pattern has not yet confirmed our expectations by breaking down, but the charts still show a favorable setup for crude oil bears.

The monthly chart below shows a revised Elliott wave count that we have moved to the forefront as our main scenario. We have assigned a higher-level fourth wave designation to the sideways-upward move which has persisted for the past year. We also are treating the decline from the 2013 high provisally as an ending diagonal pattern. Even so, the implications for the forecast in 2017 are quite similar to what we discussed in our earlier post.

Ideally, the present consolidation should remain beneath the lows of wave [i] at 62.13. However, a brief poke above that area would not invalidate the scenario. Potentially bearish traders should also watch the resistance offered by the channel harmonic line near 57.70, as it could initiate a renewed decline.

Hulse_Jan_12.jpg

Key Fibonacci-related targets for a decline into new lows include 31.20 as a conservative target and 25.90 as a possible deep target.

If you're an active trader, this type of charting we provide to our subscribers can be your guide to finding good entries and exits. New subscribers can get a full month of access to all the services we offer. This allows you to try our Daily Analysis and our Intraday Analysis for just the cost of the Daily Analysis alone. Give it a try, and see which service level works best for your trading style.

12 Comments

Join In on this conversation, post a comment below.
Visitor - anjilo smith: Quicken Tech Support Phone Number Quicken Support Number Quicken Support Phone Number Quicken Tech Support Number Quicken Tech Support Phone Number Quicken Technical Support Number Quicken Technical Support Phone Number Quicken Customer Support Number Quicken Customer Support Phone Number Quicken Customer Service Number Quicken Customer Service Phone Number Quicken Deluxe Support Number Quicken Deluxe Support Phone Number Quicken Deluxe Tech Support Number Quicken Deluxe Tech Support Phone Number Quicken Deluxe Technical Support Number Quicken Deluxe Technical Support Phone Number Quicken Premier Support Number Quicken Premier Support Phone Number Quicken Premier Tech Support Number Quicken Premier Tech Support Phone Number Quicken Premier Technical Support Number Quicken Premier Technical Support Phone Number Quicken Home & Business Support Number Quicken Home & Business Support Phone Number Quicken Home & Business Tech Support Number Quicken Home & Business Tech Support Phone Number Quicken Home & Business Technical Support Number Quicken Home & Business Technical Support Phone Number Quicken Rental & Property Support Number Quicken Rental & Property Support Phone Number Quicken Rental & Property Tech Support Number Quicken Rental & Property Tech Support Phone Number Quicken Rental & Property Technical Support Number Quicken Rental & Property Technical Support Phone Number Quicken Starter Edition Support Number Quicken Starter Edition Phone Number Quicken Starter Edition Tech Support Number Quicken Starter Editionr Tech Support Phone Number Quicken Starter Edition Technical Support Number Quicken Starter Edition Technical Support Phone Number
Reply Flag
Visitor - anjilo smith: Quickbooks Support Phone Number Quickbooks Support Number Quickbooks Support Phone Number Quickbooks Tech Support Number Quickbooks Tech Support Phone Number Quickbooks Technical Support Number Quickbooks Technical Support Phone Number Quickbooks Customer Support Number Quickbooks Customer Support Phone Number Quickbooks Customer Service Number Quickbooks Customer Service Phone Number Quickbooks Pro Support Number Quickbooks Pro Support Phone Number Quickbooks Pro Tech Support Number Quickbooks Pro Tech Support Phone Number Quickbooks Pro Technical Support Number Quickbooks Pro Technical Support Phone Number Quickbooks Pro Customer Support Number Quickbooks Pro Customer Support Phone Number Quickbooks Pro Customer Service Number Quickbooks Pro Customer Service Phone Number Quickbooks Payroll Support Number Quickbooks Payroll Support Phone Number Quickbooks Payroll Tech Support Number Quickbooks Payroll Tech Support Phone Number Quickbooks Payroll Technical Support Number Quickbooks Payroll Technical Support Phone Number Quickbooks Payroll Customer Support Number Quickbooks Payroll Customer Support Phone Number Quickbooks Payroll Customer Service Number Quickbooks Payroll Customer Service Phone Number Quickbooks Premier Support Number Quickbooks Premier Support Phone Number Quickbooks Premier Tech Support Number Quickbooks Premier Tech Support Phone Number Quickbooks Premier Technical Support Number Quickbooks Premier Technical Support Phone Number Quickbooks Premier Customer Support Number Quickbooks Premier Customer Support Phone Number Quickbooks Premier Customer Service Number Quickbooks Premier Customer Service Phone Number Quickbooks Enterprise Support Number Quickbooks Enterprise Support Phone Number Quickbooks Enterprise Tech Support Number Quickbooks Enterprise Tech Support Phone Number Quickbooks Enterprise Technical Support Number Quickbooks Enterprise Technical Support Phone Number Quickbooks Enterprise Customer Support Number Quickbooks Enterprise Customer Support Phone Number Quickbooks Enterprise Customer Service Number Quickbooks Enterprise Customer Service Phone Number Quickbooks Error Support Number Quickbooks Error Support Phone Number Quickbooks Error Tech Support Number Quickbooks Error Tech Support Phone Number Quickbooks Error Technical Support Number Quickbooks Error Technical Support Phone Number Quickbooks Error Customer Support Number Quickbooks Error Customer Support Phone Number Quickbooks Error Customer Service Number Quickbooks Error Customer Service Phone Number
Reply Flag
Reply Flag
Visitor - anjilo smith: Quickbooks Tech Support Phone Number Quickbooks Support Number Quickbooks Support Phone Number Quickbooks Tech Support Number Quickbooks Tech Support Phone Number Quickbooks Technical Support Number Quickbooks Technical Support Phone Number Quickbooks Customer Support Number Quickbooks Customer Support Phone Number Quickbooks Customer Service Number Quickbooks Customer Service Phone Number Quickbooks Pro Support Number Quickbooks Pro Support Phone Number Quickbooks Pro Tech Support Number Quickbooks Pro Tech Support Phone Number Quickbooks Pro Technical Support Number Quickbooks Pro Technical Support Phone Number Quickbooks Pro Customer Support Number Quickbooks Pro Customer Support Phone Number Quickbooks Pro Customer Service Number Quickbooks Pro Customer Service Phone Number Quickbooks Payroll Support Number Quickbooks Payroll Support Phone Number Quickbooks Payroll Tech Support Number Quickbooks Payroll Tech Support Phone Number Quickbooks Payroll Technical Support Number Quickbooks Payroll Technical Support Phone Number Quickbooks Payroll Customer Support Number Quickbooks Payroll Customer Support Phone Number Quickbooks Payroll Customer Service Number Quickbooks Payroll Customer Service Phone Number Quickbooks Premier Support Number Quickbooks Premier Support Phone Number Quickbooks Premier Tech Support Number Quickbooks Premier Tech Support Phone Number Quickbooks Premier Technical Support Number Quickbooks Premier Technical Support Phone Number Quickbooks Premier Customer Support Number Quickbooks Premier Customer Support Phone Number Quickbooks Premier Customer Service Number Quickbooks Premier Customer Service Phone Number Quickbooks Enterprise Support Number Quickbooks Enterprise Support Phone Number Quickbooks Enterprise Tech Support Number Quickbooks Enterprise Tech Support Phone Number Quickbooks Enterprise Technical Support Number Quickbooks Enterprise Technical Support Phone Number Quickbooks Enterprise Customer Support Number Quickbooks Enterprise Customer Support Phone Number Quickbooks Enterprise Customer Service Number Quickbooks Enterprise Customer Service Phone Number Quickbooks Error Support Number Quickbooks Error Support Phone Number Quickbooks Error Tech Support Number Quickbooks Error Tech Support Phone Number Quickbooks Error Technical Support Number Quickbooks Error Technical Support Phone Number Quickbooks Error Customer Support Number Quickbooks Error Customer Support Phone Number Quickbooks Error Customer Service Number Quickbooks Error Customer Service Phone Number
Reply Flag