Incomplete Elliott Wave Structure Means Bullish Outlook For Oil
We forecast followthrough to the upside in oil. Our base case scenario remains depicted in black. The red count is less likely and accommodates a potential triangle in primary wave B. Moreover it is also the count for an expanding leading diagonal off the June 2017 lows.
The black count and one version of the red count does not have an extended wave as we publish this. This remains our main argument for followthrough to the upside. Moreover wave action over the last week looks corrective to the downside and impulsive to the upside.
The trade is active upon a break of the 64.86 pivot to the upside. This leaves a 3-wave structure to the upside post the triangle thrust. That is not a terminal elliott wave structure for WTI oil. Hence it is a bullish conclusion for WTI oil!
Trade active if 64.86 is crossed
S/L: 61.50
Target: 69.95
The black count and one version of the red count does not have an extended wave as we publish this. This remains our main argument for followthrough to the upside. Moreover wave action over the last week looks corrective to the downside and impulsive to the upside.
The trade is active upon a break of the 64.86 pivot to the upside. This leaves a 3-wave structure to the upside post the triangle thrust. That is not a terminal elliott wave structure for WTI oil. Hence it is a bullish conclusion for WTI oil!
Trade active if 64.86 is crossed
S/L: 61.50
Target: 69.95
Trade closed manually:
Getting out around entry point... setup changed!
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