TradingView
Fomenka
Oct 9, 2022 2:05 PM

A longer-term view on USOIL 

WTI CRUDE OILTVC

Description

This is the easiest way to label the oil story. What I do not like about this count is ABC model of wave 2 (primary). I would feel more confident if it were WXY but I ran out of counts on that one and the leading diagonal as (A) with the expanding triangle as (B) is the only scenario I can see so far.

As said in the previous post the price tends to travel 100% distance of the preceding shape height. That brings the target area to 50ish if we have expanding triangle (B) is confirmed (not yet).
Comments
wolffarchitecture
Kudos for taking on oil with Elliott
MtICHI
From D to E should be in ABC format so I think we have a down move and then toward higher around 105-110 $ then toward 65$
Fomenka
@MtICHI, yes, though E waves tend to be fierce and vicious coming out as a straight line sometimes
MtICHI
Tnx man for this analysis
hameidalizadeh
thanks
More