Hi guys! So I'm not a firm believer in Elliot Wave Theory, but I couldn't help but notice how perfect Crude Oil's resemblance to this theory was. So I decided to give it a shot.
So in my analysis, I used the Elliot Wave Impulse tool (1,2,3,4,5) and Elliot Wave Correction tool (A,B,C).
As we can see, Elliot Wave Theory has predicted that the bull trend for Crude Oil is over, and immediately we are going to start to see the C wave forming which will confirm a new downtrend.
Takeaway: I predict there will be a new downtrend.
* Thanks for reading! :)
So in my analysis, I used the Elliot Wave Impulse tool (1,2,3,4,5) and Elliot Wave Correction tool (A,B,C).
As we can see, Elliot Wave Theory has predicted that the bull trend for Crude Oil is over, and immediately we are going to start to see the C wave forming which will confirm a new downtrend.
Takeaway: I predict there will be a new downtrend.
* Thanks for reading! :)
Comment:
Turns out I was wrong!