Joseph_King

Crude in Bearish Three Drives Pattern

Long
TVC:USOIL   CFDs on WTI Crude Oil
Crude is currently in a bearish three drives pattern heading toward $4820.

Current ABC:

1. A wave completed at 4557.
2. B wave should retrace 50% of A wave to 4667.
3. C wave should retrace 1.618 of B wave to 4490.

5 wave set after ABC complete:

1. Wave 1 should retrace 100% of C wave (50% of the entire ABC move) to 4667.
2. Wave 2 should retrace 50% of wave 1 to 4577
3. Wave 3 should hit 1.618 of wave 1 at 4775.
4. Wave 4 should retrace 0.382 of wave 3 to 4699.
5. Wave 5 should hit 1.618 of wave 4 to 4822.


Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.