The 09/17/23 Blog “Crude Oil Elliott Wave Pattern – 09/15/23” noted that an Elliott wave – Inverse Expanding Flat could be nearing completion, with a broad topping zone of 91.50 to 94.80. Bullseye target at 94.31.
The 09/27/23 blog “Crude Oli in Topping Zone” noted Crude Oil could hit the daily rising trend line and top on either 09/28/23 or 09/29/23.
The daily Crude Oil continuous futures chart (CL2!) courtesy of Trading View updates the action.
In the overnight futures session 09/28/23- CL2! – hit the rising trend line and peaked at 92.48.
Subsequently CL2! – fell 3.5%!
Stochastic had a bearish divergence and a bearish lines cross.
RSI has a bearish divergence and again broke below its daily moving average line.
Sometimes markets can top/bottom on New/Full Moons – plus or minus two trading days. There’s a Full Moon on 09/29/23. The sharp reversal on 09/28/23 is typical of a lunar phase turn. There was a Full Moon on Sunday 06/04/23 and a Crude Oil top on 06/05/23.
In the short- term Crude Oil has potential to drop to the low 77.00 area.
The hourly CL2! – chart shows the short-term view.
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