Crude Oil Elliott Wave Idea

Update to previous WXYXZ idea >

I probably shouldn't get too hooked on the idea that this pattern appears the same as the one back in June as I could end up missing what's actually going on.

Below is the period between 18th June and 21st June with what appears to be a large extended flat correction with B wave a WXY >

Y extended 1.414 of W to complete B then C down to the 1.272 extension of A.

Since last Friday we appear to have a similar structure and today could be B wave >

Y of B extended to 1.272 of W to complete what could be B wave, and potentially now C to the 1.272 extension.

If it goes much higher I will have to admit defeat in my battle to master WXY and WXYXZ corrections :)

Note

POssible count so far, wave 3 completed possibly

Note

Looks like we're in wave 4 now, possibly subwave 4 of 3 currently unable to break above .236 level >

We may see two more legs down, one to complete subwave 5, then a correction before the larger degree wave 5 to around the 68 level

Note

More bearish possibility, if the first wave down is completed

Note

Looks like the correction is coming to an end >

A wave starting wedge, followed by ABC and 5 waves up to 1.618 of A; possibly one more wave up depending how you view it

Note

If you look at June correction after the drop there was expanded flat >

B and C waves left the channel. If you look at now >

C is currently mid channel which means it could be a running flat and we move up from here in a big way. Very hard to get an entry for position here.

Note

A couple of correction scenarios >

Note

Now have divergence, a bearish candle and hit .618 >

If it doesn't drop now I guess it won't

Note

Target reached

Note

6690 broken, this bullish count invalid now.

Joseph_King

Also on:

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.

Joseph_King

Also on: