Light Crude Oil 45 minutes chart below shows that the commodity has ended cycle from July 6 high as wave 2 at 38.56 low. The pullback unfolded as a flat Elliott Wave Structure. From July 6 high, wave ((a)) ended at 39.90 low. The bounce in wave ((b)) ended at 41.08 high. Afterwards, oil declined lower in wave ((c)), which ended at 38.56 low. This ended 3 waves...
Pattern: Channel Up.
Signal: Bearish as the price failed to break the Resistance and th 4H RSI is at the top of its Channel and a similar bearish formation has been seen 4 times previously.
Target: 37.50 (just above the Support Zone).
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WTI Crude Oil is trading within a Channel Up on the 4H chart (RSI = 36.632, MACD = 0.170, ADX = 31.347). The MACD turned flat and as you see on the chart that has been a signal of a top formation on three previous occasions. In two of them the price dropped a little more than -11% and on the other around -15.50%. The Symmetrical Support zone that held on three...
Light Crude Oil 45 minutes chart shows that the commodity has ended wave (2) pullback at 37.09 low. From there, the commodity extended higher, with the rally unfolding as a diagonal Elliott Wave structure. Up from that wave (2) low, wave ((i)) ended at 39.35 high and wave ((ii)) dip ended at 37.50 low. Oil then extended higher in wave ((iii)), which ended at...
WTI is trading within a Channel Up on the 4H chart (RSI = 56.026, MACD = 0.100, ADX = 22.319) having successfully crossed the 4H MA50. This has been typically a bullish extension sign since May 28th. We are bullish aiming at 41.50 - 42.00.
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August Crude oil faltering below trend line here, bears in control for now. Risk off and a US Covid resurgence will be on the mind of traders this week. You can always read more at Econemotions.substack
