Crude Oil Elliott Wave IdeaUpdate to this idea
Could be that WXY has completed at 5177 but I think it will drop one more time to the .382 level so it could be a more complex WXYXZ.
Crudeoilwti
Crude Oil Elliott Wave IdeaFollow up to a couple of recent ideas:
Possibly in a complex WXY correction with X wave either completed at 0.5 fib level already, or another move up to a higher fib level before the next wave (Y) down.
Crude Oil Elliott Wave IdeaUpdate to this 5 wave count >
And internal waves of A in this larger degree count >
Even though oil hit the .382 level at $55,57 it retraced and climbed a little higher, I think there is still a little more to come, the .382 extension from wave 1 is at $55,91, from there A may be completed before a larger correction back to where the move the $50 mark started, then up towards $60+
sell at 56.40 stoploss 58 tp-46looking short at 56.40 , advance shark pattern , we can buy 46$-45$ range (bullish shark)
Crude Oil Elliott Wave IdeaUpdate to several theories:
The 0.382 level was hit which could conclude wave A of a larger correction, B may correct to the .382 level which coincides with a backtest of .236 at mid $50
Crude Oil Elliott Wave IdeaSlight variation on the 5 wave count from this idea >
Looks like a triangle is forming, a break below 5185 would invalidate it.
Crude Oil Elliott Wave IdeaUpdate to this idea >
Looks like wave 4 is complete by running flat ABC and now in the 5th wave to $55 level, from there possible correction to complete right shoulder of inverse head & shoulder before the next leg up.
Crude Oil Potential "M" PatternAs per Bulkowski there appears to be an "M" pattern in crude oil > thepatternsite.com
Sell once price closes below the valley low for 50+ pips.
Crude Oil Elliott Wave IdeaPotential correction theorized earlier maybe be part of a larger wave 4 to .382 or .5 level, followed by wave 5 to 55 or so >
Crude Oil Elliott Crude oil could be nearing the end of a corrective B wave.
Price just touched the 0.5 extension at 52,51 for what could be wave 5 of C of B but could also touch the 0.618 extension at 52,70.
A drop below 51,31 would go some way to validating this idea as it rules out what could be an impulsive 5 move upwards.
Crude Oil Elliott Wave IdeaBit more detail on this idea >
Could get a simple ABC to .382 level, or a more complex correction (WXY, or even WXYXZ) to a higher fib level before breaking 42.
Crude Oil Elliott Wave IdeaThere looks to be a morning star candle pattern on weekly chart for crude oil and 5 waves completed at mid 42 level, following from this idea bouncing from the .618 extension >
If this is completion of 5 waves from 7690 then its possible that its part of an ABC leg and a correction has started, another leg down below the recent low made at 4220 could happen post correction.
Crude Oil Elliott Wave IdeaUpdate to triangle idea which didn't pan out >
Price bounced sharply at 4435 which is exactly 0.618 level so possible that all the sideways price action was an ABC for wave 4, wave 5 completed at 4776 to complete A wave, now in B before the next impulse for C to new highs.
Crude Oil Elliott Wave IdeaPossibly a triangle forming in crude oil which would indicate B wave with C to follow, part of a bigger correction possibly in the form of WXY or WXYXZ.
Crude Oil Head and Shoulders?Just a theory, not a trade, .382 level at 5560 would be an interesting level to watch
Crude Oil Elliott Wave IdeaUpdate to this idea >
Triangle broke and .382 extension hit. It could be the bottom, or very close (maybe one more extension down) and a move to correct coming up over the coming months.
Crude Oil Elliott Wave IdeaUpdate to previous idea >
Possible that E wave now completed, or one more push up to upper trendline.
Crude Oil Elliott Wave IdeaFollow up on this idea >
Triangle is well and truly broken and possibly in an impulsive wave 3 now which could end up at the 1.618 extension of wave 1.
Crude Oil Elliott Wave IdeaLooks like a triangle is forming which could indicate wave 4 with a 5th wave to come to mid $40's.
May see a rise back to the top of the triangle, though E wave can fall short of the upper trendline in some cases.
