CRUDE OIL BEAR MARKET MIGHT HAVE ENDED
As you can see from the Weekly chart, bear market might have ended for crude oil.
With Elliott Wave model, i have counted the corrective wave started from July 2008 to mid April 2020( indicated by the oil crash event amidst pandemic).
A complete zigzag corrective wave is done with prolonged ending diagonal of impulsive wave C.
If this model is correct, then I expect a bull market rally in the next decade.
Pay attention to the top of previous wave 4 @ 28.94 that act as a major resistance. For conservative long term investor, consider to enter long if the price breach those level. Stop loss adjusted at the bottom of wave C @ 11.00.
This counting is invalid once price make new low, below wave C.
Hope this analysis can help you in the future market, please consider like and share to help me make another elliott wave analysis.
With Elliott Wave model, i have counted the corrective wave started from July 2008 to mid April 2020( indicated by the oil crash event amidst pandemic).
A complete zigzag corrective wave is done with prolonged ending diagonal of impulsive wave C.
If this model is correct, then I expect a bull market rally in the next decade.
Pay attention to the top of previous wave 4 @ 28.94 that act as a major resistance. For conservative long term investor, consider to enter long if the price breach those level. Stop loss adjusted at the bottom of wave C @ 11.00.
This counting is invalid once price make new low, below wave C.
Hope this analysis can help you in the future market, please consider like and share to help me make another elliott wave analysis.
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