Hello fellow traders. Today, we will have a look at some past Elliott Wave charts of Oil which we presented to our members. Below, you can find our 1-hour updated chart presented to our members on the 08/8/18.
OIl suggested that the bounce to $70.44 high ended blue wave (2). The internals of that bounce took place as Elliott wave double correction where red wave W ended in 3 swings at $69.92. From there, the pullback to $68.26 completed the red wave X in 3 swings. Then a bounce higher to $70.44 high ended red wave Y in another 3 swings & also completed blue wave (2).
Down from there, the decline took place as Elliott wave impulse within blue wave (3). The initial decline from $70.44 high to $66.92 low ended red wave 1. The lesser degree cycles within that decline also unfolded in 5 waves structure & ended black wave ((i)) at $69.91. Black wave ((ii)) ended at $70.22, Black wave ((iii)) ended at $67.31 low, black wave ((iv)) bounce ended at $68.15 and black wave ((v)) of red 1 ended at $66.92 low. Above from there, the bounce to $69.92 high ended red wave 2. As the right side tag against 70.44 was suggesting more downside, we told members that selling Oil in the 1-hour timeframe will be preferable trade at that time.
Oil Futures 08.8.2018 1 Hour Chart Elliott Wave Analysis
In the Elliott Wave chart below from the 08/09 which we presented to our clients, you can see that the instrument extend very nice in an Elliott Wave impulse structure lower. And the overall short-term view remains lower as well. However, the higher timeframe of Oil Futures like the daily and weekly remains higher. As the recent weakness is just a bigger correction. Therefore, we expect Oil to extend lower towards 62.82 – 60.84 area before the rally resumes Do please keep in mind that the 1-hour charts which I presented, can have changed already. I can suggest you, to take our special Summer Promotion Discount below. If you want updates every day.
Oil Futures 08.09.2018 1 Hour Chart Elliott Wave Analysis
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