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Crudeoilwti

Crude Oil Elliot Wave IdeaIntraday idea that could be forming part of a larger move upward. Potentially in wave 4 (to 0.382 of wave 3) around $60,00 with wave 5 1.618 or 2.618 of wave 4 to $61,30 or $62,09 Invalidation point is wave 4 crossing wave 1 at $59,70...crossing that point would mean more bearish move down in my opinion and would indicate a possible ABC correction completed to $60,80. No position now. Will wait for this move to play out in full as if it is a bullish move to 61-62 then there should be a decent correction to buy from.
TVC:USOIL
by Joseph_King
Crude Oil Elliot Wave IdeaUpdate to this idea > Could the correction be over? Price bounced right at the median line of the pink Andrews pitchfork shown in the chart and approximately 0.382 of wave 3. If you draw a channel (shown in yellow) using waves 1, 2 and 4 as reference points (wave 3 popped out of the channel which is not uncommon when using Elliot Wave and channels) and 1.618 of wave 4 you can can see price reaching almost $72 and reaching the channel top and green Andrews pitchfork median line. My previous long position ($61,50) was stopped out so I will wait to see price action next week before considering a new position.
TVC:USOIL
by Joseph_King