Elliot wave analysis on oil

NYMEX:CL1!   Light Crude Oil Futures
Oil is in consolidation for nearly two month. The time cycle shows that it will finish the consolidation soon. From EW theory, I think it needs to go 5 wave down to complete the C wave. The target of the C wave is around the fib 0.618 (54.7) or 0.5 (52.3).

After finishing the C wave, oil might recover the up trend and target to around 74 for the wave (3).

I know there are many EW experts in tradingview. Comments and suggestions are welcome.

Good luck for everyone!


Man, oil is nickel and dining this distribution for all it's worth.... watching paint dry. Great chart by the way, I completely agree with your targets.
+1 Reply
zhipengcfel smitheric1970
Thanks. Oil is more clear than before. I have updated the chart.
+1 Reply
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