Crudeoilwti
Crude Oil Elliott Wave IdeaUpdate to a few recent ideas:
Smaller timeframe >
Larger timeframe >
Wave 3 could be at, or near an end now with an extended wave 5 (white) of 3 (yellow) hitting 1.414 extension; If wave 3 is over then wave 4 may follow to the .236 level before the 5th and final wave below $50.
Crude Oil Elliott Wave IdeaUpdate to this idea >
Looks like wave 2 (or B) has completed now in the start of either wave 3 or wave C.
If wave C of correction then may bounce and a new high from the 57$ level.
If wave 3 then the 1.618 extension is at 53$.
I prefer the 5 wave impulse move as it fits my larger timeframe view here >
USOIL Daily Analysis and Strategy with FIBONACCI LevelsCrude Oil is at a crucial point with price action reaching the yellow 70.8 Fib level zone which is a major weekly resistance. Here we are looking for a pullback in price action. The prior analysis with the AB=CD harmonic pattern is also still in play as a part of the strategy. TVC:USOIL
Crude Oil Elliott Wave IdeaUpdate on this idea >
Oil hit 1:1 extension (measured move) and strong resistance, possibly completing a correction to the fall from $76,88 to $42,40. Could now start the post correction impulse waves.
Weekly candle looks like a bearish pin bar and possible bearish divergence on MACD: