Crude Oil Elliott Wave Idea
Updated
A small timeframe idea linked to these two ideas:
Possibly in the early stages of an impulsive wave 3, but possibly a dip in price before it gets going.
If price drops below $54,98 then this count is invalid and a move down below last weeks low at $54,70 may happen.
4H chart is showing bullish divergence:
Possibly in the early stages of an impulsive wave 3, but possibly a dip in price before it gets going.
If price drops below $54,98 then this count is invalid and a move down below last weeks low at $54,70 may happen.
4H chart is showing bullish divergence:
Note
The first set of impulse waves up from yesterdays low might be completed now.Wave 3 (orange) hit the 1.618 extension exactly, then what looks like an overlapping ending diagonal set for wave 5 (orange) hitting the .786 extension of wave3...a correction to 0.5 or 0.618 may come before another new high.
Note
Looks like a starting wedge/leading diagonal may be in play; a few other EW guys on Tradingview have spotted something similar.
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