Continued selling pressure from the $79.72 swing high resulted in US Crude Oil trading to the lowest level in 93 days.
The daily chart highlights the completion of a bullish Elliott Wave count (5 waves) on September 28 at $94.99. This suggests we are trading within the corrective ABC formation to the downside. We are now entering into the buy zone.
· Bespoke support is located at $72.12 and $69.82.
· The 78.6% pullback level is located at $70.33.
· The measured move target for the head and shoulders breakout is $69.80.
Conclusion: although ample scope exists for further selling pressure, I am now looking for a buy signal. The prime zone is between $70.33 and $69.80. An update will be posted when the signal is generated.
Support: $72.12 (bespoke), $70.33 (78.6%), $69.80 (measured move and bespoke)
Resistance: $74.96 (swing low), $78.00 (bespoke), $82.07 (bespoke)
The daily chart highlights the completion of a bullish Elliott Wave count (5 waves) on September 28 at $94.99. This suggests we are trading within the corrective ABC formation to the downside. We are now entering into the buy zone.
· Bespoke support is located at $72.12 and $69.82.
· The 78.6% pullback level is located at $70.33.
· The measured move target for the head and shoulders breakout is $69.80.
Conclusion: although ample scope exists for further selling pressure, I am now looking for a buy signal. The prime zone is between $70.33 and $69.80. An update will be posted when the signal is generated.
Support: $72.12 (bespoke), $70.33 (78.6%), $69.80 (measured move and bespoke)
Resistance: $74.96 (swing low), $78.00 (bespoke), $82.07 (bespoke)