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Joseph_King

Crude Oil Elliott Wave Idea

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CURRENCYCOM:OIL_CRUDE   None
Trend Analysis Wave Analysis crude Crude Oil crudeoilwti brent brentoil Crude Oil Brent Crude Oil WTI
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trendanalysis waveanalysis crude crudeoil crudeoilwti brent brentoil ukoil usoil
Small timeframe idea for oil.

Could be ABC or wave 3 completing at $3990...a break above $40,86 could lead to a new high above $41,62 or be part of a more complex correction such as WXY or WXYXZ, a break below $39,90 could lead to a new low toward $39,50 for wave 5
Komentar:
That happened quickly...Nice divergence was there to kick start it.

Couple of options from here I think are possible:

Scenario 1, 5 waves is completed or near completion and correction towards mid $40's or $41 for wave 2 or B before another leg down >
snapshot

Scenario 2, wave 2 or B is already completed with a slightly different initial count and we're in sub waves of wave 3 or C already, a break above $40,56 would invalidate this count >
snapshot
Komentar:
Looks like scenario 2 played out
snapshot
Komentar:
Small bounce from 2.618, maybe a wave 3 completing
snapshot
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