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Crude Oil Elliott Wave IdeaAs posted by a fellow EW technician Aibek a little while ago on Brent, WTI looks to be forming an ending diagonal.
The lower trendline has been hit and there is bullish divergence on 4H timeframe (the same divergence that kick started the move from $39 to mid $42) so the 5th and final wave could have already started.
The 0.618 extension of wave 2/3 is at $43,07 and the 0.618 extension of wave 1/3 is at $43,97.
If it is an ending diagonal there could be a considerable fall once it completes.
Crude Oil Elliott Wave IdeaUpdate on below idea:
Think an ABC completed at 1.618 ($41,15) in an ending diagonal and now nearing the start of wave 3.
This idea is invalid above $41,13 and would start confirmation below $39,95