Crude oil is falling in a 'C' wave that likely reaches $62 or lower levels.
The 'C' wave will likely take on a motive structure (impulse pattern or ending diagonal). Once the final low is printed, then crude will rocket up to new all-time highs.
If the decline in wave 'C' is not a motive structure, then it will be a big clue that it is wave 'C' of a large triangle pattern. A triangle pattern would grind sideways for most of 2023 making little net progress.
Good luck out there!
The 'C' wave will likely take on a motive structure (impulse pattern or ending diagonal). Once the final low is printed, then crude will rocket up to new all-time highs.
If the decline in wave 'C' is not a motive structure, then it will be a big clue that it is wave 'C' of a large triangle pattern. A triangle pattern would grind sideways for most of 2023 making little net progress.
Good luck out there!
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Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
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.