7pasos
Short

4 impulses to shape the oil

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
394 1 1
Here a simpla way to understand the actual behavior of the crude

Under this elliott wave theory of mine, base in 4 clear and simple impulses to figure out the oil             rally:

The first 2 are upside impulses conected by a clear expanded flat which form together a zigzag

Then other 2 impulses pointing to the down side
here the history is a bit different because i do not think they form part of the same degree of structure
in first place Im more inclined to think the first impulse is the start of a bigger impulse and therefore more in favor of a 1 of a bigger impulse than an A wave of a down zigzag (but cant be ruled out as far as now).
given we have a upside structure before the last upside completed impulse that seems corrective, and the last completed impulse did not get lower lows I assume this is part of another corrective pattern, perhaps a zigzag, formed by a small impulse to the up side, followed by what seems to be a triangle correction and now a undergoing upside impulse ( yesterday rally form probably a 3rd wave inside it).
Therefore I can expect the upside movement do not go beyond 110.56 and then fall for an expanded period of time to get even lower than 75 level
7pasos PRO
3 years ago
PD the fibo extension into b correction is not consistent with the triangle, is just to show other way to correction but not really consistent with this wave count.
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