CRUDE OIL: 21 Jul, 2024
Updated
© Master of Elliott Wave Analysis: Hua (Shane) Cuong, CEWA-M (Master's Designation).
Forecast: Bearish
Where are we in Elliott wave analysis? The chart on the left shows that we are bearish with the 3rd wave (Labeled wave (iii)-orange). Basically it will continue to push down even lower.
(1D Chart) The broader context suggests that wave (ii)-orange seems to have ended at the high of 84.52, and wave (iii)-orange is now unfolding to push lower. It is important that the price consistently remains below the high of 84.52 to maintain this view.
(4H Chart): The short-term outlook shows that since the high of 84.52, wave iii-grey is unfolding and subdividing into wave ((3))-navy. The price could continue to push lower, approaching the lows at 77.58 or 72.48. The price must always remain below 83.10 to maintain this view.
Forecast: Bearish
Where are we in Elliott wave analysis? The chart on the left shows that we are bearish with the 3rd wave (Labeled wave (iii)-orange). Basically it will continue to push down even lower.
(1D Chart) The broader context suggests that wave (ii)-orange seems to have ended at the high of 84.52, and wave (iii)-orange is now unfolding to push lower. It is important that the price consistently remains below the high of 84.52 to maintain this view.
(4H Chart): The short-term outlook shows that since the high of 84.52, wave iii-grey is unfolding and subdividing into wave ((3))-navy. The price could continue to push lower, approaching the lows at 77.58 or 72.48. The price must always remain below 83.10 to maintain this view.
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