15M Elliott Wave: Price is completing Wave (5) into a higher-timeframe resistance zone. Waiting for a liquidity sweep and bearish confirmation before entering a short. Expecting an ABC corrective move after Wave (5) exhaustion.
WTI continues to trade within a well-defined bullish impulsive structure, with price appearing to develop the final leg of the advance.
Elliott Wave Count
Wave (1): Initial bullish impulse following the reversal from the swing low.
Wave (2): Sharp corrective pullback that held above the origin of Wave (1), maintaining the bullish structure.
Wave (3): Strongest and longest impulsive wave, supported by increasing momentum—typical Elliott Wave behavior.
Wave (4): A shallow correction that respected the territory of Wave (1), preserving the validity of the impulse count.
Wave (5): Price is currently advancing toward the projected Wave (5) target, where the market approaches a higher-timeframe resistance/liquidity zone.
WTI continues to trade within a well-defined bullish impulsive structure, with price appearing to develop the final leg of the advance.
Elliott Wave Count
Wave (1): Initial bullish impulse following the reversal from the swing low.
Wave (2): Sharp corrective pullback that held above the origin of Wave (1), maintaining the bullish structure.
Wave (3): Strongest and longest impulsive wave, supported by increasing momentum—typical Elliott Wave behavior.
Wave (4): A shallow correction that respected the territory of Wave (1), preserving the validity of the impulse count.
Wave (5): Price is currently advancing toward the projected Wave (5) target, where the market approaches a higher-timeframe resistance/liquidity zone.
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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.