Preferred Elliott Wave view suggests rally to 103.46 completed a corrective (( B )) wave and Crude Oil futures are now expected to trade lower. Short-term price action suggests wave A ended at 100.42 and shallow recovery to 101.69 was wave B. This gives C = A target of 98.58 which has been reached already. Next extension level to look for would be 1.236 ext of A-B which lies at 97.85. Test of this level is expected to complete a cycle from 103.46 i.e. wave ( A ) and result in a corrective ( B ) wave bounce before decline resumes. If 97.85 is exceeded, then next level of interest would be (( c )) = (( a )) at 97.40 which could end Elliott Wave ( A ) and start Elliott Wave ( B ) bounce. We don’t like buying into proposed wave ( B ) bounce at this stage as it should fail for more downside while below 103.46
We do Elliott Wave Analysis of 26 instruments in 4 time frames (Weekly, Daily, 4 Hour and 1 Hour) with 1 hour charts updated 4 times a day so clients are always in loop for the next move. Please feel free to come visit around the website .Click Here to Start your FREE 14 day Trial (Limited Time Offer)
Back
