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Crude Oil – Elliott Wave completed at 73.00 (Wave 5)?

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
144 1 7
According to Elliott Wave:
• Wave 2 never moves beyond the start of wave 1 √
• Wave 3 is never the shortest wave between waves 1 and 5 √
• Wave 4 never enters the price territory of wave 1 ( until the Fib 38.2% retracement level of wave 3)
Taking under consideration the above we expect a move until the 38.2% at 56.78, then wave 5-the end of a bull market- will reach the resistance level at 73.00 which is the 261.8% Fib and the inside swing.
The short-term trend according to the daily time frame is in an Uptrend technically indicated by following:
• Dow pattern- higher tops and higher bottoms: B1-T1-B2-T2
The uptrend is confirmed by the bullish cross of MA10 above MA20.
Prices are trading above the support level at 53.98(support 1) and below the 161.8% Fib retracement level at 61.20 (resistance 1).
Therefore, I will recommend LONG POSITIONS for the no position holders on Crude Oil             . Take profit at 73.00 the 261.8% Fib extension level and the end of wave 5. Stop loss should be a bit below the support level-S1, thus the stop loss is at 51.50.
For LONG-holders I will recommend to HOLD their long positions and adopt the same stop loss and take profit orders as mentioned above.
levitov
2 years ago
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