Jul 012012

On 25 June 2012, when Crude Oil was trading around $79, I wrote on Forbes that Crude oil still has another 10% downside. And on the next day, when Brent Crude was near $92, I said the same thing – that it has another 10% to go – on the DOWNSIDE, that is. Guess what! Crude went from $77.28 to $85.34, a move of 10% UP, and Brent Crude went from $91.73 to $98.28 all in one day.Wow! What happened there?

Now I do have a track record of occasionally getting things really wrong, but this takes the crown. Or does it? Should we write off the bears? Suppose I say that we will still see Crude down to near the targets mentioned earlier, I will be unnecessarily shooting myself in the foot. But just as I gave you technical reasons for my earlier calls, I wish to give you a couple of charts and you can make up your own mind.

Dec 122011

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.

Nov 022011

Elliott Wave Analysis works very nicely in commodities. There is a lot of money to be made if you can apply the techniques you learnt in Five Waves to Financial Freedom. Trouble is, even if you learn the methods, you need to have the capital and the stomach to pull the trigger at the right time, and more importantly, to stay with the trade until your sensible stops are done or your profit levels are reached. This is a challenge that ranks at par with being good at analysng the markets.

Now without any further ado, let me present you with your favorite charts! Enjoy!

By the way, I am off on an exotic holiday to Cambodia tomorrow.
Best of luck in the meantime, and if the Forum goes live, you may start sharing your thoughts and ideas with other members right away.