CRUDE OIL is most probably in wave C of a bigger ABC wave, as C waves are impulse waves they should unfold as a 5 wave structure down.
If the wave count is correct then wave C will either equal wave A or you can use the triangle measure rule for targets if your a chart pattern person.
Direction is looking down, however Bears will have to fight thru the support range level 65 - 61 or base of the triangle level first. As wave C is an impulse wave price should move fast downwards once support level is breach.
Incase price starts holding around support level, it will indicate that prices will reverse upward for a more complex corrective wave structure.
Let see how this plays, Good Luck !
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
If the wave count is correct then wave C will either equal wave A or you can use the triangle measure rule for targets if your a chart pattern person.
Direction is looking down, however Bears will have to fight thru the support range level 65 - 61 or base of the triangle level first. As wave C is an impulse wave price should move fast downwards once support level is breach.
Incase price starts holding around support level, it will indicate that prices will reverse upward for a more complex corrective wave structure.
Let see how this plays, Good Luck !
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
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.
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.