Elliott Wave view on Oil (CL_F) suggests a 5 waves decline from April 22 peak ($66.6) which ended wave (1) at $60.04. In the chart below, we can see wave (2) bounce ended at $63.32 at the blue box. The internal of wave (2) unfolded as a double three Elliott Wave structure. Up from $60.04, wave W ended at $62.95, wave X ended at $60.66, and wave Y ended at $63.32.
Oil has since turned lower in wave (3). However, it needs to break below wave (1) at $63.32 to confirm the next leg lower and avoid a double correction. The initial decline from $63.32 appears impulsive and ended wave 1 at $60.64. Wave 2 bounce is in progress to correct the cycle from $63.32 peak before the decline resumes. Potential target for wave 2 is 50% – 61.8% Fibonacci retracement of wave 1 at $62 – $62.3. We don’t like buying Oil and expect sellers to appear in 3, 7, or 11 swing as far as pivot at $63.32 stays intact. A break below wave (1) at $63.32 will confirm the next leg lower in CL_F. A 100% extension target from April 22 peak can see Oil reaching $55.3 – $56.8 at least.
Oil has since turned lower in wave (3). However, it needs to break below wave (1) at $63.32 to confirm the next leg lower and avoid a double correction. The initial decline from $63.32 appears impulsive and ended wave 1 at $60.64. Wave 2 bounce is in progress to correct the cycle from $63.32 peak before the decline resumes. Potential target for wave 2 is 50% – 61.8% Fibonacci retracement of wave 1 at $62 – $62.3. We don’t like buying Oil and expect sellers to appear in 3, 7, or 11 swing as far as pivot at $63.32 stays intact. A break below wave (1) at $63.32 will confirm the next leg lower in CL_F. A 100% extension target from April 22 peak can see Oil reaching $55.3 – $56.8 at least.
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Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.