Not an Andrews expert but price stopped exactly at the lower MLH for this Modified Schiff pitchfork.
Any Andrews experts can confirm if this fork is valid?
Zoomed in > https://www.tradingview.com/x/lAKYNwdf/
Lower timeframe of this idea > https://www.tradingview.com/chart/USOIL/DQhkMo8d-Crude-Oil-Elliott-Wave-Idea/
Looks like a big wedge (ending diagonal) is forming which could be for wave 5 of C (C shown in the link above in green) which could mean that the down trend in crude oil price is nearing an end.
Ending diagonal often occurs when the preceding move of the ...
Looks like a triangle is forming which could mean a wave 4 with wave 5 to follow to complete a larger full set of 5 waves around the 6100 area, then a correction.
If its not a triangle and breaks upwards it could mean the 5th wave (yellow V) is completed already at 6118.
Update to this long term theory in Crude Oil > https://www.tradingview.com/chart/USOIL/mHTaMHa9-Crude-Oil-Elliott-Wave-Idea/
Big bearish wave since hitting 7689 which could be C wave as part of a bigger wave 4. Long term channel bottom and the median line parallel of the pitchfork shown could be a good buying area around $58/$59 for a wave up towards $80.
A slightly wild variation to this long term bullish theory on Crude Oil https://www.tradingview.com/chart/USOIL/9YEiA8LB-Crude-Oil-Elliott-Wave-Idea/
This idea is a bit wild but there are similarities between 2007/08 and 2017/18, explained below in screenshots.
There was 3 months of sideways price action from November 2007 until January 2008, followed ...
Update to this idea > https://www.tradingview.com/chart/USOIL/J8RS0XRg-Crude-Oil-Elliott-Wave-Idea/
Since 7130 broke the regular impulsive waves are now invalid (wave 4 crossing wave 1) but I think theres a chance that an ending diagonal could play out.
There is also potentially bullish hidden divergence on the MACD histogram; price can drop all the way down to ...
An update to long term theory > https://www.tradingview.com/chart/USOIL/9YEiA8LB-Crude-Oil-Elliott-Wave-Idea/
It looks like wave 3 of 3 of 5 is completed so may pull back soon to .236 ($73,92) or .382 ($72,80) before the next leg up.
Interestingly in a variation of the same long term theory we hit the .382 extension at $75,75 > ...
An update to this idea > https://www.tradingview.com/chart/USOIL/bBfpEqpk-Crude-Oil-Elliott-Wave-Idea/
I think we may have completed wave 2 at $67,90 (0.5 of wave 1) and now in the early stages of wave 3 towards $79, possibly nearing the end of wave 1 of 3.
Silver looks close to completing a multi-year correction in WXYXZ form.
If you apply the guideline that Y should be equal or longer than X2 then 13.646 could be a nice buy; it has already touched the .618 extension of A of Y but may go deeper still > https://www.tradingview.com/x/sGE3v1nc/
Cocoa appears to have completed a multi-year correction in May 2017 to 1792 in the form of WXY; could be a great buy with a stop loss below that point.
There was a very big starting wedge for wave 1, followed by a complex WXY for what could be wave 2...Cocoa might already be in the next impulsive move towards new highs
Live Cattle futures appear to be coming to and end of a multi year correction phase.
If WXY completed at $94.6 then the motive phase may already have begun, however, if the $130 highs seen during 2017/18 were just X2 of WXYXZ then price may fall further; in WXYXZ Z must be equal or longer than X2 which suggests a double bottom at $94.6.
Some details on the ...
The bigger picture for this idea > https://www.tradingview.com/chart/USOIL/pKydYpky-Crude-Oil-Elliott-Wave-Idea/
And follow up from this idea > https://www.tradingview.com/chart/USOIL/9YEiA8LB-Crude-Oil-Elliott-Wave-Idea/
If the base channel (blue) holds and we get a 5th wave up towards $70 next week then that could be a bigger wave 1 of 5 towards $78. ...
An alternate to his idea > https://www.tradingview.com/chart/CLV2018/cJXd2wfx-Crude-Oil-Elliott-Wave-Idea/
And part of this idea > https://www.tradingview.com/chart/USOIL/9YEiA8LB-Crude-Oil-Elliott-Wave-Idea/
This is now my primary count as it's the most obvious wave scenario and looks like 3 of C was completed at Fridays high.
If the base channel (blue) holds ...
An update to a series of ideas that have crude in bullish waves up towards $75.
1D > https://www.tradingview.com/chart/USOIL/9YEiA8LB-Crude-Oil-Elliott-Wave-Idea/
Recent chart with subwaves prior to this current chart > https://www.tradingview.com/chart/CLV2018/k7THXhI3-Crude-Oil-Elliott-Wave-Idea/
If crude completed wave 3 then may see a correction back for ...
An update to this idea > https://www.tradingview.com/chart/CLV2018/reHbawqJ-Crude-Oil-Elliott-Wave-Idea/
If this is subwaves of a bigger wave 3 subwave 2 (white) corrected to exactly the 0.618 level at 6734 and wave 3 may extend to the 1.618 level at 6947.