Short

Expecting sideways to bearish movement in Crude (Elliott Wave)

Updated

Crude has now taken the low of W.W out which means that we have possible W.Y in progress of W.B of Triangle of W.X, in either case expect sideways to bearish movement here, also a pullback from near the current market level is quite likely as we are at channel support level and W.W =W.Y 1:1 equality, if this market completes the W.Y at this level then expect a Triple Zig Zag formation.
Both the possible scenarios are presented on the chart as Hypo 1 (Red) and Hypo 2 (Cyan).

Note

T1 has been achieved also since Red channel line is broken we have room for more downside from here.

Note

Trade closed: target reached

Oil achieves the said T2 level, expect atleast small retracement for W.iv from here if not an upmove for an impulse or a corrective structure :

NeeravYadav

Unmatched 80% plus forecast accuracy for 6 years : 50eyes.com/forecast-accuracy/

Video Course : 50eyes.com/elliott-wave-course

Author : Think with the Markets

Also on:

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.