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Friday, October 22, 2004
Oil Price Prediction With The Elliott Wave Theory - #1
I'm embarking on an analytical exercise to test the Elliott Wave Theory as applied to oil price prediction. The chart patterns since 2000 appear to align well with this theory. The price patterns in the late 70's oil boom and the associated "rig count" provided patterns very typical of Elliott Waves. I present my first prediction of a potential future pattern or trend. The 5th wave appears to be near completion with an A-B-C correction to follow with a price correction to the $30-35/barrel range.