Updated
Crude Oil Elliott Wave Idea
Small timeframe idea for oil.
Could be ABC or wave 3 completing at $3990...a break above $40,86 could lead to a new high above $41,62 or be part of a more complex correction such as WXY or WXYXZ, a break below $39,90 could lead to a new low toward $39,50 for wave 5
Could be ABC or wave 3 completing at $3990...a break above $40,86 could lead to a new high above $41,62 or be part of a more complex correction such as WXY or WXYXZ, a break below $39,90 could lead to a new low toward $39,50 for wave 5
Note
That happened quickly...Nice divergence was there to kick start it.Couple of options from here I think are possible:
Scenario 1, 5 waves is completed or near completion and correction towards mid $40's or $41 for wave 2 or B before another leg down >
Scenario 2, wave 2 or B is already completed with a slightly different initial count and we're in sub waves of wave 3 or C already, a break above $40,56 would invalidate this count >
Note
Looks like scenario 2 played out Note
Small bounce from 2.618, maybe a wave 3 completing 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.