On Friday February 27th, crude oil prices stood near $67. That day, EWI’s Energy Pro Service forecast a third-wave rise just ahead for crude oil: “Crude should ratchet on up in third-of-a-third fashion.”
With our commentary we also showed subscribers the accompanying chart, with an upward blue directional arrow. Just hours later came the 13 percent gap higher. The still-unfolding volatility had commenced.
On Monday March 2nd, price moved again—and Elliott wave analysis anticipated it beforehand. Our chart showed that a move down to a wave (iv) low was next, with a rise higher to follow (directional arrow). Our analysis said: “The pullback should prove corrective and set the stage for further advance.” In turn price quickly rose nine percent.
The next day, Tues. March 3rd, we said: “The strong tone persists… but an interim top may be drawing near.” A near-term decline of six percent followed. On Wednesday March 4th, crude stood near $74; our chart and analysis that day reminded subscribers that “…the key point is that the trend is up.”
By Sunday March 8th, crude had exploded up past $115. At 6:45pm eastern, Energy Pro Service editor Steve Craig’s forecast said this to subscribers: “An interim top is drawing near.”
Oil then reversed hard, and declined to below $85.
Explosive volatility may seem random … yet volatility is when Elliott Wave analysis is at its best.
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