Elliott Wave view on Oil (CL_F) suggests a 5 waves decline from April 22 peak ($66.6) which ended wave (1) at $60.04. In the chart below, we can see wave (2) bounce ended at $63.32 at the blue box. The internal of wave (2) unfolded as a double three Elliott Wave structure. Up from $60.04, wave W ended at $62.95, wave X ended at $60.66, and wave Y ended at...
Looking for a revisit to the bottom of the Macro Range (approx. the $45 handle) based off the confluence of Macro S/R, Multiple Fib lvls, and Volume Composite.
Invalidation above the mid $56 if price breaks into the HVN .
Finally a daily close above 54.75 for the bulls. Looking for a retest of this area to hold and continue the trend up. As long as the lower trendline and 18 day sma hold, we most likely grind higher to the 57.44 target I have then ~60. Losing the 54.75 on a closing basis would put selling pressure on oil and most likely test the 53 area.
As always let price...
Chopped up by CL today, v clear now on the daily though.
Check out the hourly from the 14th of Feb this year. Look how precisely the bottom of today drop bounced from the start of the leg. I think it should rally from here, but needs to stay under the 15 min level to keep shorting from this area..... i think! (famous last words)
In this Elliott Wave Analysis, we will have a look at Oil in the 1 hour chart.
The commodity ended its cycle from 8/1/2016 low (39.19) at the peak of 07/03 in red wave III and currently, it is correcting that cycle in 3-7 or 11 swings in red wave IV lower before the rally can resume.
Near-term it ended blue wave (W) at 07/12 low (69.23). The...
#CL_F has couple of lows here and also has a vpoc just below todays low, that can be used as a SL(73), for a low risk pull back trade to test 73.8, 74 levels and a pullback to upper range of value area in coming sesions.