As per the given chart it seems that the correction is complete as the 5 Wave leg down seems to be very precise.
Also note the red zone that I have drawn represents the most probable support zone for the fall and the market has taken support just above it.
It is possible that the 5 th Wave of this Wave C correction might take it a little lower, in that case the boundary of this Red box should offer the support.
Important support zone 48.70 to 47. (Red box)
In all likely cases Crude Oil is a buy on dips market.
I will update further as the market progresses.
Also note the red zone that I have drawn represents the most probable support zone for the fall and the market has taken support just above it.
It is possible that the 5 th Wave of this Wave C correction might take it a little lower, in that case the boundary of this Red box should offer the support.
Important support zone 48.70 to 47. (Red box)
In all likely cases Crude Oil is a buy on dips market.
I will update further as the market progresses.
Unmatched 80% plus forecast accuracy for 6 years : 50eyes.com/forecast-accuracy/
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
Related publications
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.
Unmatched 80% plus forecast accuracy for 6 years : 50eyes.com/forecast-accuracy/
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
Related publications
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.