My 10/07/23 Crude Oil post noted that after a 13% drop it could be due for a bounce.
As of 10/13/23 it appears the bounce could be complete. Crude Oil has retraced a Fibonacci .50 of its 13% drop, and has taken the form of an Elliott wave Single Zigzag pattern. Also, Minor wave “A” is close to equal Minor wave “C”. The most common Fibonacci relationship in a Single Zigzag is wave “a” to “c” equality.
Hourly RSI has reached the overbought zone with a bearish divergence.
Crude Oil seasonal patterns are bearish until late December.
There is a high probability that a secondary top has formed. Crude Oil could soon begin a decline into the 70 area.
As of 10/13/23 it appears the bounce could be complete. Crude Oil has retraced a Fibonacci .50 of its 13% drop, and has taken the form of an Elliott wave Single Zigzag pattern. Also, Minor wave “A” is close to equal Minor wave “C”. The most common Fibonacci relationship in a Single Zigzag is wave “a” to “c” equality.
Hourly RSI has reached the overbought zone with a bearish divergence.
Crude Oil seasonal patterns are bearish until late December.
There is a high probability that a secondary top has formed. Crude Oil could soon begin a decline into the 70 area.
