Is Crude Oil Gonna fall Short term Eliiott Wave Analysis
Updated
From the low of 47 it seems that the Oil market has reversed, atleast for the short term.
As of now it looks like the 3rd leg up is complete, however the placement of the double bracketed 5 is certainly questionable.
Therefore I'm discussing setups for both directions, please keep in mind that the analysis is for short term.
If this market goes below the black trendline and retests is as a resistance then most certainly Crude will go down till the region of 50 - 49.30.
On the other hand if this market breaks the recent high then it can achieve
T1 51.20
T2 : 51.50
I will update further as this market proceeds
As of now it looks like the 3rd leg up is complete, however the placement of the double bracketed 5 is certainly questionable.
Therefore I'm discussing setups for both directions, please keep in mind that the analysis is for short term.
If this market goes below the black trendline and retests is as a resistance then most certainly Crude will go down till the region of 50 - 49.30.
On the other hand if this market breaks the recent high then it can achieve
T1 51.20
T2 : 51.50
I will update further as this market proceeds
Trade closed: target reached
I'm updating it late, but the market went below the trendline, tested it and then moved down to achieve the 50 mark as expected.Looks like Wave 5 is playing out now.
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Author : Think with the Markets
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
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