OIL Elliott Wave Analysis: Larger Correction Taking Place
Hello Traders,
In this Elliott Wave Analysis, we will have a look at Oil.
OIL short-term Elliott wave analysis suggests that the rally to $75.31 high ended in red wave III. Down from there, the larger correction in red wave IV is taking place in 3, 7 or 11 swings before Oil resumes higher. The internal of the first leg of the decline from $75.28 high took place in 5 wave’s impulse with internal distribution of 5 wave’s structure in lesser degree cycle. This suggests that the five waves down from $75.31 is part of a larger Elliott wave Zigzag correction within cycle degree wave IV pullback.
Down from $75.31 high, the decline to $72.14 low ended blue wave (1) as a leading diagonal structure. Above from there, the bounce to 74.70 high ended blue wave (2) bounce as a Zigzag correction. Below from there, the decline to $69.23 low ended blue wave (3) in another 5 waves. Then the bounce to $71.66 high ended blue wave (4) bounce in 3 swings. The final decline from there unfolded in 5 wave’s structure which ended blue wave (5) at $67.04 low & also completed the black wave ((A)).
Up from there, the instrument ended black wave ((B)) pullback at $71.11 and should continue the decline. As long as the market stays below $71.11 peak but more importantly below $75.31 peak, we expect Oil to continue lower. We don’t like selling it.
In this Elliott Wave Analysis, we will have a look at Oil.
OIL short-term Elliott wave analysis suggests that the rally to $75.31 high ended in red wave III. Down from there, the larger correction in red wave IV is taking place in 3, 7 or 11 swings before Oil resumes higher. The internal of the first leg of the decline from $75.28 high took place in 5 wave’s impulse with internal distribution of 5 wave’s structure in lesser degree cycle. This suggests that the five waves down from $75.31 is part of a larger Elliott wave Zigzag correction within cycle degree wave IV pullback.
Down from $75.31 high, the decline to $72.14 low ended blue wave (1) as a leading diagonal structure. Above from there, the bounce to 74.70 high ended blue wave (2) bounce as a Zigzag correction. Below from there, the decline to $69.23 low ended blue wave (3) in another 5 waves. Then the bounce to $71.66 high ended blue wave (4) bounce in 3 swings. The final decline from there unfolded in 5 wave’s structure which ended blue wave (5) at $67.04 low & also completed the black wave ((A)).
Up from there, the instrument ended black wave ((B)) pullback at $71.11 and should continue the decline. As long as the market stays below $71.11 peak but more importantly below $75.31 peak, we expect Oil to continue lower. We don’t like selling it.
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14 days trial --> elliottwave-forecast.com/amember/go.php?r=2670&i=l3 and get Accurate & timely Elliott Wave Forecasts of 78 instruments. Webinars, Chat Room, Stocks/Forex/Indices Signals & more.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.