Revised view suggests that Crude Oil rally from 1/10 low (50.71) is unfolding as a diagonal where Minor wave 1 ended at 54.08 and Minor wave 2 is proposed complete at 52.22. Crude Oil has broken above 54.08, and thus showing a 5 swing sequence from 1/10 low and favoring more upside. Near term, while pullbacks stay above Minuette wave (x) at 53.35, but more importantly above Minor wave 2 at 52.22, expect Oil to resume higher towards 55.41 – 55.91 area next. If Crude oil breaks below 53.35, that will suggest that it is doing a double correction in Minuette wave (x) and open extension lower towards 52.74 – 52.97 area, but from there, it’s still expected to extend higher afterwards as far as pivot at 52.22 low in Minor wave 2 remains intact. We don’t like selling Crude Oil.
Oil 1 Hour Chart
At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Trial to sample everything we have to offer.
Elliott Wave DegreeBack