Joseph_King

Crude Oil Elliot Wave Idea

TVC:USOIL   CFDs on WTI Crude Oil
Intraday idea that could be forming part of a larger move upward.

Potentially in wave 4 (to 0.382 of wave 3) around $60,00 with wave 5 1.618 or 2.618 of wave 4 to $61,30 or $62,09

Invalidation point is wave 4 crossing wave 1 at $59,70...crossing that point would mean more bearish move down in my opinion and would indicate a possible ABC correction completed to $60,80.

No position now. Will wait for this move to play out in full as if it is a bullish move to 61-62 then there should be a decent correction to buy from.
Comment: Added a long at 6006, stop at cost now. Will close near 6130 if it gets there.
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