In this blog, I want to share with you some Elliott Wave charts of Oil which we presented to our members at Elliott Wave Forecast. You see the 1-hour updated chart presented to our clients on the 01/10/19.
Oil ended the cycle from 10/03/18 peak in red wave a at 12/26/18 low (42.41). Above from there, we expect a bigger bounce to occur in 3-7 or 11 swings. From 12/26/18 low (42.41) the commodity unfolded as a 5 waves Elliott Wave impulse structure.
From 42.41 low it ended blue wave (1) at 47.05 peak. Below from there, blue wave (2) pullback ended at around 44.35 low. Above from there, Oil futures rallied quite aggressively to the upside in blue wave (3) and ended that move higher at 52.61 peak. The internals of blue wave (3) also unfolded as a 5 waves impulse structure. After ending blue wave (3) we expected a pullback to occur in wave (4) followed by the last push higher into the 53.86 blue box area to end wave (5) of black wave ((A)). Afterwards, we expected a pullback in the sequences of 3-7 or 11 swings to correct the cycle from 12/26/18 low.
Oil Futures 01.10.2019 1 Hour Chart Elliott Wave Analysis
In the Elliott Wave chart update below, you can see that blue wave (4) pullback ended at around 51.36 low. Above from there, it made the expected push higher in blue wave (5) to around 53.38. This move also completed the 5th wave of black wave ((A)). Below from that blue box oil is in the process of correcting the cycle from 12/26/18 low in black wave ((B)) in 7 or 11 swings before more upside should be seen ideally. As long as the pivot at 42.41 stays intact, we expect the commodity to extend higher to continue to correct the cycle from 10/01/18 peak. Please keep in mind that the 1-hour charts which I presented can have changed already. This blog should just illustrate how accurate our blue boxes are, and how our members can make use of our 3-7 or 11 swings strategy.
If you are interested in how to trade our blue box areas and want to understand how Elliott Wave works. Then I recommend you to get a shot on our special promotion which we are currently running below. We present a lot of trading setups in our 3 Live Trading Rooms.
Oil Futures 01.14.2019 1 Hour Chart Elliott Wave Analysis
I hope you liked this blog and I wish you all good trades. And for all who are interested in learning more about our unique blue box areas and also want to trade profitably in 2019 those can sign up for our New Year promotion today and get 30% Discount on ALL monthly plans!!
We provide precise forecasts with up-to-date analysis for 78 instruments. These include Forex, Commodities, World Indices, Stocks, ETFs and Bitcoin. Our clients also have immediate access to Market Overview, Sequences Report, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. In addition, we also provide Daily & Weekend Technical Videos, Live Screen Sharing Sessions, Live Trading Rooms and Chat room where clients get live updates and answers to their questions. The guidance of ElliottWave-Forecast gives subscribers the wherewithal to position themselves for proper entry and exit in the markets. We believe our disciplined methodology and Right side system is pivotal for long-term success in trading. If you want to become a member then Click on the Banner above. See you inside!
Back