OIL LONG: Elliott Wave Count - Buy The Gartley Impulse

TVC:USOIL   CFDs on WTI Crude Oil
Hey traders! On the monthly timeframe , oil is in the midst of corrective structure before beginning a third bullish impulse. As we zoom in, we see that it is currently in a sideways correction and is nearing a potential completion of a 3-3-5 flat. If the current wave ends in a 5-wave (C), we can expect a bullish impulse to follow. This wave is predicted to complete precisely at the formation of a completed Gartley pattern and could set off the rally toward wave-(B)-of-2. In order to be sure, however, it is best to wait for the first bullish 5-wave impulse to complete and buy the second wave pullback toward target.

I will update as the tide rolls. Happy Trading

-Glenn Mercer
+1 Reply
Thanks buddy!
If you use Aug 11 as your X, you get a different harmonic. Worth considering--check the daily. Could go either way. Gartley suggests Fed will raise rates.
Thanks OG
Thanks for sharing, your graphs are beautiful and very readable. They are me a great help to understand technical analysis. Thank you very much and best wishes.
+1 Reply
Much appreciated, glad you find them helpful!
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