Target hit early this morning for my new short entries; added between 4802 and 4810 and since then price has started moving downwards, appears to be in a correction of the move from 4816 to 4734 at the moment and I would expect it to complete at 0.5 (4771) or 0.618 (4881) of wave 1 down, before beginning wave 3 of 3 to 4618.
Here is my Elliot Wave projection on a larger scale. In my opinion $47,99 (0.618 of wave 1 (pink waves)) or up to $48,25 will hit early next week which could be a great short opportunity to hold to the $41 region. Holding short positions from $47,80 and $47,60 and will add a few more as price creeps up toward my target of $48-48,25
Internals of wave 3 of 3 of 3. The fibonacci levels seem to match and point to an of this wave at $46,18.
Crude still in ABC correction, currently in C wave, possibly wave 5 of C. If C complete 1.618 of A then that should have C finish around 4820, if 1.618 of B then around 4805 to complete the larger wave 2. Wave 3 could move 1.618 of wave 1 to 46.18.
My intraday targets for Elliot Wave on Crude Oil. Potential to see 48-4820 before the next drop to below 47 levels
Similar ABC pattern occurring now as on the 15th/16th August after a similar drop and preceding a fall...
Just some tidying up and try to plot the ABC correction to the fall in price from 4849 to 4706
It appears crude oil is still in a larger ABC correction. Possibly hit 4820 again or 4857
Update to Crude Oil idea - C (wave 2 down) completed on Friday and wave 1 of 1 of 3 down completed on Monday. Expecting price to reach either 4787 or 4807 to complete wave 2 of 1 before wave 3 of 1 to 4591
yesterday crude completed morning star pattern, but the chart has something else to say
If Crude Oil does drop after reach 4890 I have plotted the internals of wave 3 down: Pink Waves: A. Wave 1 0.382 of C B. Wave 2 0.5 of wave 1 C. Wave 3 2.618 of wave 1 D. Wave 4 0.382 of wave 3 E. Wave 5 1.618 of wave 4 Green Waves: A. Wave 2 0.5 of wave 1 B. Wave 3 2.618 of wave 1 C. Wave 4 0.382 of wave 3 D. Wave 5 1.618 of wave 4 The larger wave 3 (red...
Crude spiked on Friday due to an impulsive C wave (in my opinion) from 4647 toward 4890 (0.618 retrace of 5041/4647) on its way to complete wave 2 down. Waves 3, 4 & 5 have been plotted using 1.618 of wave 1 for wave 3, 0.382 of wave 3 for wave 4 and 1.618 of wave 4 for wave 5. No consideration for wave extensions to 3 & 5, so price could go much lower than...
Chart shows everything. 4 hour closed above MA9 ergo -and RSI seems fine. Ergo -I went long.
Crude Oil has been in counter uptrend since june 21st 2017 and will reach a strong supply zone around $50 to $52. I am expecting a reversal from there in 1-2 weeks from today. After the market opens on monday, the crude oil is expected to trade above $47.70 for a few days till it come closer to $50. As it comes closer to $50 expect sellers to step in, and slowly...