Hello Traders,
In this Elliott Wave Analysis, we will have a look at Oil in the 1 hour chart.
The commodity ended its cycle from 8/1/2016 low (39.19) at the peak of 07/03 in red wave III and currently, it is correcting that cycle in 3-7 or 11 swings in red wave IV lower before the rally can resume.
Near-term it ended blue wave (W) at 07/12 low (69.23). The internals of blue wave (W) unfolded as an Elliott Wave flat structure where it ended red wave A at the low of 07/06 (72.15), red wave B pullback at 07/10 (74.71) and red wave C of blue wave (W) completed at 07/12 low (69.23). Above from there, blue wave (X) correction ended at 07/13 peak (71.66). Below from there it is at the 61.80-76.40 Retracement area from 07/03 peak which can end soon the cycle from 07/13 peak (71.66) in red wave A and as long as pullback in red wave B stays below 71.66 peak, we expect Oil to resume lower towards the equal legs of 65.62-64.19 from 07/03 peak before a reaction higher can be seen. We don’t like selling Oil.
In this Elliott Wave Analysis, we will have a look at Oil in the 1 hour chart.
The commodity ended its cycle from 8/1/2016 low (39.19) at the peak of 07/03 in red wave III and currently, it is correcting that cycle in 3-7 or 11 swings in red wave IV lower before the rally can resume.
Near-term it ended blue wave (W) at 07/12 low (69.23). The internals of blue wave (W) unfolded as an Elliott Wave flat structure where it ended red wave A at the low of 07/06 (72.15), red wave B pullback at 07/10 (74.71) and red wave C of blue wave (W) completed at 07/12 low (69.23). Above from there, blue wave (X) correction ended at 07/13 peak (71.66). Below from there it is at the 61.80-76.40 Retracement area from 07/03 peak which can end soon the cycle from 07/13 peak (71.66) in red wave A and as long as pullback in red wave B stays below 71.66 peak, we expect Oil to resume lower towards the equal legs of 65.62-64.19 from 07/03 peak before a reaction higher can be seen. We don’t like selling Oil.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.