Joseph_King

Crude Oil Elliott Wave Idea

TVC:USOIL   CFDs on WTI Crude Oil
As posted by a fellow EW technician Aibek a little while ago on Brent, WTI looks to be forming an ending diagonal .

The lower trendline has been hit and there is bullish divergence on 4H timeframe (the same divergence that kick started the move from $39 to mid $42) so the 5th and final wave could have already started.

The 0.618 extension of wave 2/3 is at $43,07 and the 0.618 extension of wave 1/3 is at $43,97.

If it is an ending diagonal there could be a considerable fall once it completes.
Comment: Little drop yesterday but still technically a rising wedge, the 4H macd is now bullish along with the divergence

Comments

Perfect!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out