Update to previous idea >
Crude appears to be in a triangle for what could be wave B.
Possibly in the final leg (E wave) as per below charts:
The details of ABCDE pattern:
The details of E wave; you can see what appears to be 5 wave structure up from the bottom which halted at .618 extension of wave 3, possibly the end of A wave, before B to .382 level, then C to the .618 extension of A around $69,26, or possibly the 1:1 extension $69,58. From there we may see a big bearish leg down.
After completion of E wave possible to see the final leg down to the .382 or .618 extension (the .618 extension lines up nicely with the .382 correction level around $64 (although this could be coincidence)) to complete wave 4 as per my previous theory, then the next bullish leg (wave 5) to $80+ >
It is worth noting that there are alternate bearish theories that have this current structure as either wave 2 with wave 3 down coming to around the $55/$61 area so if you are shorting from these levels it might be worth holding onto one for lower levels. I personally do not feel like Crude Oil is ready to plummet to those levels yet but anyone with a sound Elliott Wave Theory can be right :)
Crude appears to be in a triangle for what could be wave B.
Possibly in the final leg (E wave) as per below charts:
The details of ABCDE pattern:
The details of E wave; you can see what appears to be 5 wave structure up from the bottom which halted at .618 extension of wave 3, possibly the end of A wave, before B to .382 level, then C to the .618 extension of A around $69,26, or possibly the 1:1 extension $69,58. From there we may see a big bearish leg down.
After completion of E wave possible to see the final leg down to the .382 or .618 extension (the .618 extension lines up nicely with the .382 correction level around $64 (although this could be coincidence)) to complete wave 4 as per my previous theory, then the next bullish leg (wave 5) to $80+ >
It is worth noting that there are alternate bearish theories that have this current structure as either wave 2 with wave 3 down coming to around the $55/$61 area so if you are shorting from these levels it might be worth holding onto one for lower levels. I personally do not feel like Crude Oil is ready to plummet to those levels yet but anyone with a sound Elliott Wave Theory can be right :)
Comment:
At the .382 level now >
May see a move upwards from here if B wave (or wave 2) is completed
Comment:
Triangle failed (my fault and a school boy error I guess as continuous chart does not have this triangle pattern).
I still believe we are in a corrective pattern, a WXY in wave C of Y to around the 7080 area.
4H >
1H, with possible starting wedge for A of Y >
Possibly nearly complete with wave 4 of C of Y >
I still believe we are in a corrective pattern, a WXY in wave C of Y to around the 7080 area.
4H >
1H, with possible starting wedge for A of Y >
Possibly nearly complete with wave 4 of C of Y >