Crude Oil Elliott Wave Idea

740
An update to long term theory >
Crude Oil Elliott Wave Idea


It looks like wave 3 of 3 of 5 is completed so may pull back soon to .236 ($73,92) or .382 ($72,80) before the next leg up.

Interestingly in a variation of the same long term theory we hit the .382 extension at $75,75 >
Crude Oil Elliott Wave Idea
This is using the fib extension from the start of wave 3 at $45,67 to the top of wave 3 at $75,27 and end of wave 4 at $64,48. I do think that even though this level has been met that there are more waves up to come.

In the current chart I have changed the parameters for the fib extension tool by starting from the beginning of wave 1 at $42,08 to the top of wave 3 and end of wave 4, based on that I believe price can hit the 0.5 extension at $81,03.

This theory can be ignored >
Crude Oil Elliott Wave Idea
I miscounted here which is a variation of the original subwave count here >
Crude Oil Elliott Wave Idea

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.