Joseph_King

Crude Oil Elliott Wave Idea

TVC:USOIL   CFDs on WTI Crude Oil
The bigger picture for this idea >
And follow up from this idea >
If the base channel (blue) holds and we get a 5th wave up towards $70 next week then that could be a bigger wave 1 of 5 towards $78. Ultimately the invalidation point for this count is wave 4 crossing wave 1 at 6636, however, if the base channel breaks I think bears might have control.

The blue fib levels are the extension and retracement levels for the subwaves of the bigger 5 (green) and the green fib levels are the extensions of wave 3 (green).

Thought I would show the subwaves I counted up from $42 for anyone interested:

For wave 1 from $42 to $50; An awkward wave to count but settled with this >
For wave 3 of 3 of 3; A running flat correction for subwave 2 to the .236 level >
For wave 4 of 3 of 3; A WXY with Y terminating at the 0.5 extensions of W >
For wave 5 of 3 of 3; An ending diagonal >
For wave 4 of 3; An ABC > That terminated at 0.382 of wave 3 >
For wave 5 of 3; A very brutal move upwards with wave 3 hitting the 4.618 extension of wave 1 and an ending diagonal for the final wave >
And finally the big wave 4 that formed what appears to be a WXYXZ right to the lower channel trendline > I tried to predict this wave many times (https://www.tradingview.com/chart/USOIL/...) with a little bit of success.

To further reinforce my belief in this count wave 3 also hit the 3.618 extension and wave 4 almost hit the 0.382 level but I think the bullish trendline prevented that >




Comment: Ignore the wave 1 count above, should be this starting wedge which gives the 3.618 extension to 7524
Comment: First target reached; wave 4 didn't drop as deep (only .236) but 5th wave is nearing and end in my opinion
Comment: 5th wave in the first wave up*
Comment: Maybe in the early stages of wave 3, lots of confirmation required though

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