Browse Stacks: Analytics: Elliott Wave: $XOI.png
I made a terrible bullish call about ten days ago on Energy. a vote by the United Kingdom for air-strikes coupled with France's recent foray into the theater combined with U.S. military advisers on the ground and rumblings of imminent troop deployments should have the opposite effect, but on a background of sustained over-production by OPEC these recent (and rather sinister) developments remain insignificant. Conspiracy theorists I am sure will make the link that the military involvement in a geopolitical hot-spot like Syria 'conveniently' occurred at a time of OPEC over-production, and I admit too, it is a fortuitous coincidence. On the charts it appears as if our second wave is done and our third and final wave down is about to begin. The chart that best depicts this is $XOI, the Oil Index. We broke through a critical support line on Thursday and Friday the move lower continued, although it did close 'up.' On the weekly chart it appears the long-term final support is 1075 for $XOI but near term it may bounc
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