Crude Oil Elliott Wave Idea
Update to long term correction ideas.
Looks like C wave has now completed after hitting the 0.5 extension on Friday and dropping quickly.
It could be that ABC is complete, correcting the whole move from $77 to $42, a new low below $42 may come but I think there might be a bigger complex correction (WXY) in play which could see a 50% correction to $50, then up for one more high towards $60-$63 before the new low below $42 comes.
A double top and bearish divergence on daily suggests more downside to come in the next few weeks.
A wave completing before the correction for B and then C upward >
The 5th wave of 5/C/W completed >
Looks like C wave has now completed after hitting the 0.5 extension on Friday and dropping quickly.
It could be that ABC is complete, correcting the whole move from $77 to $42, a new low below $42 may come but I think there might be a bigger complex correction (WXY) in play which could see a 50% correction to $50, then up for one more high towards $60-$63 before the new low below $42 comes.
A double top and bearish divergence on daily suggests more downside to come in the next few weeks.
A wave completing before the correction for B and then C upward >
The 5th wave of 5/C/W completed >
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