Crude Oil Elliott Wave Idea - Update
Updated
Update on an oil theory that started back in November 2020:
This idea was that a wave 4 completed at $33, however the move up accelerated and it quickly came apparent that the move up from $33 was not wave 5:
In March 2021 I took another look with the idea that $33 was the end of wave 2 and the current impulse was indeed wave 3 that could end around the $77 area before a wave 4 correction:
In August 2021 the wave 4 completed and now taking a new high above $76 the 5th wave is confirmed:
In my opinion we are now in the 5th and final wave that could end anywhere between $84 and $97, completing either a larger degree wave 1 or wave A, before a larger degree correction.
This idea was that a wave 4 completed at $33, however the move up accelerated and it quickly came apparent that the move up from $33 was not wave 5:
In March 2021 I took another look with the idea that $33 was the end of wave 2 and the current impulse was indeed wave 3 that could end around the $77 area before a wave 4 correction:
In August 2021 the wave 4 completed and now taking a new high above $76 the 5th wave is confirmed:
In my opinion we are now in the 5th and final wave that could end anywhere between $84 and $97, completing either a larger degree wave 1 or wave A, before a larger degree correction.
Comment
0.382 extension hitComment
Oil taking a big dip after hitting the 0.382 extension exactly
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