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Joseph_King

Crude Oil Elliott Wave Idea

CFDs on WTI Crude Oil (TVC:USOIL)  
Joseph_King Updated   
TVC:USOIL   CFDs on WTI Crude Oil
Trend Analysis Wave Analysis crude Crude Oil crudeoilwti brent brentoil Crude Oil Brent Crude Oil WTI
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trendanalysis waveanalysis crude crudeoil crudeoilwti brent brentoil ukoil usoil
A small timeframe idea linked to these two ideas:

Crude Oil Elliott Wave Idea
Crude Oil Elliott Wave Idea

Possibly in the early stages of an impulsive wave 3, but possibly a dip in price before it gets going.

If price drops below $54,98 then this count is invalid and a move down below last weeks low at $54,70 may happen.

4H chart is showing bullish divergence:
snapshot
Comment:
The first set of impulse waves up from yesterdays low might be completed now.

Wave 3 (orange) hit the 1.618 extension exactly, then what looks like an overlapping ending diagonal set for wave 5 (orange) hitting the .786 extension of wave3...a correction to 0.5 or 0.618 may come before another new high.

snapshot
Comment:
Looks like a starting wedge/leading diagonal may be in play; a few other EW guys on Tradingview have spotted something similar.

snapshot
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