nateusna
Short

Oil Elliot Wave Theory

FX:USOIL   Crude Oil (WTI)
I came across the article Crude Oil: "Bear Market" Continues? and the author made a good illustration on how the Elliot Wave theory applies to the oil             market we are currently seeing.

If you notice, I used the Fibonacci 1.272 line (high of $62.55 and low of $46.66, which is the end of wave 3) to determine the end of wave 5. As you notice the 1.272 line aligns with the support from back in March.

Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out