Could see a bottom to the current down trend at $42,85 - Intersecting major trendlines at that price as well as wave 4 up and C level at that point (red waves). The waves up from $42,85 are plotted using 0.382 retracement of the ABC correction from $55,04 and $42,85 (red waves) which has an ending point for wave 1 up from $42,85 at $47,81. The rest of the waves...
Updated waves to complete the larger wave 3 by plotting waves 2 to 5 internally. Waiting to short 4630.
An alternative to the recently posted ABC. Same outcome at 4680 but different internal structure based on a slightly different count of the 5 waves with A. I think this one is more likely.
Made a mistake yesterday with a miscount of waves, I thought we had a move to 4715 but we'd already started 5 waves down, managed to catch the end of it though. Another ABC today but part of the larger set of 5 waves that started from 4873. B could complete at 4602 which is level with the 4th wave up within A. 4680 could be next which is 0.382 of the wave 3....
Possible move up to 4715 to complete C wave before down below 46. Holding a long position from 4655. Plan to short around 47 for 4560 approx. Alternatively could be in wave 3 down already. Stop Loss is 4635
Updated ABC correction as the 5 waves up within A were much steeper than I previously plotted. Possible ending of B & C waves plotted for the end of wave 4 down, wave 5 down to follow in the region of 4560 depending where C of 4 completes. No position at the moment, waiting to short the end of C wave.
15M view of the correction to wave 3 down (pink waves). Wave 1 of A would normally complete at 0.382 of the previous wave 5 down, rest of the waves as standard fib levels; wave 2 0.618 of 1, wave 3, 1.618 of 1, wave 4 0.382 of 3, wave 5 1.618 of 4. B 0.382 of A, C 1.618 of A.
Long now from 4617 and 4622 looking for 0.236 or 0.382 retrace of wave 3 (pink waves) at either 4660 or 4690. Plan to close there and sell for the final wave of the larger wave 3 to around 4565-4584
Minor changes as wave 3 down extended beyond my original target. Three potential targets for the larger 3rd wave, 4628, 4618 and 4585 but 4618 the most likely in my opinion as it's 1.618 of the larger wave 1 (blue waves) Holding shorts from 4760, 4780 and a few between 4802-10
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