Top called in Brent Crude on 11 Oct 2018

Top called in Brent Crude on 11 Oct 2018.

We called a top in Brent Crude (USD) on 11 Oct.  Our post below.

We have removed the alternates in our wave count.  Crude Oil could have formed an important top at 86.49.  Price could be heading lower in wave Y for an extended period of time. Wave W took 90 months. Wave Y should take at least that long.  If it unfolds as a Y triangle, it would take much longer.

On a side note : The reason MCX crude in INR may see new highs is because we expect the rupee to weaken substantially.  So altho’ crude prices in dollar terms may decline, we may not get the benefit with a weak rupee.

Brent Crude Elliott Wave Analysis