Rally to 49.5 ended wave 4. From this level, wave 5 of (3) decline is unfolding in 5 waves where wave ((i)) ended at 45.08, wave ((ii)) ended at 46.71, wave ((iii)) ended at 41.35, wave ((iv)) is proposed complete at 42.9, and wave ((v)) is in progress lower to complete wave (3) before a larger bounce in wave (4). We don’t like buying the proposed bounce in wave (4). Cycle is currently pretty stretched, but as far as wave ((ii)) pivot at 46.71 holds, expect oil to resume lower to finish wave (3).
At EWF we offer 24 hour coverage of 42 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 Free Trial to sample everything EWF has to offer!
Back
