OIL Elliott Wave Analysis: Larger Correction Taking Place
Hello Traders,
In this Elliott Wave Analysis, we will have a look at Oil.
OIL short-term Elliott wave analysis suggests that the rally to $75.31 high ended in red wave III. Down from there, the larger correction in red wave IV is taking place in 3, 7 or 11 swings before Oil resumes higher. The internal of the first leg of the decline from $75.28 high took place in 5 wave’s impulse with internal distribution of 5 wave’s structure in lesser degree cycle. This suggests that the five waves down from $75.31 is part of a larger Elliott wave Zigzag correction within cycle degree wave IV pullback.
Down from $75.31 high, the decline to $72.14 low ended blue wave (1) as a leading diagonal structure. Above from there, the bounce to 74.70 high ended blue wave (2) bounce as a Zigzag correction. Below from there, the decline to $69.23 low ended blue wave (3) in another 5 waves. Then the bounce to $71.66 high ended blue wave (4) bounce in 3 swings. The final decline from there unfolded in 5 wave’s structure which ended blue wave (5) at $67.04 low & also completed the black wave ((A)).
Up from there, the instrument ended black wave ((B)) pullback at $71.11 and should continue the decline. As long as the market stays below $71.11 peak but more importantly below $75.31 peak, we expect Oil to continue lower. We don’t like selling it.
In this Elliott Wave Analysis, we will have a look at Oil.
OIL short-term Elliott wave analysis suggests that the rally to $75.31 high ended in red wave III. Down from there, the larger correction in red wave IV is taking place in 3, 7 or 11 swings before Oil resumes higher. The internal of the first leg of the decline from $75.28 high took place in 5 wave’s impulse with internal distribution of 5 wave’s structure in lesser degree cycle. This suggests that the five waves down from $75.31 is part of a larger Elliott wave Zigzag correction within cycle degree wave IV pullback.
Down from $75.31 high, the decline to $72.14 low ended blue wave (1) as a leading diagonal structure. Above from there, the bounce to 74.70 high ended blue wave (2) bounce as a Zigzag correction. Below from there, the decline to $69.23 low ended blue wave (3) in another 5 waves. Then the bounce to $71.66 high ended blue wave (4) bounce in 3 swings. The final decline from there unfolded in 5 wave’s structure which ended blue wave (5) at $67.04 low & also completed the black wave ((A)).
Up from there, the instrument ended black wave ((B)) pullback at $71.11 and should continue the decline. As long as the market stays below $71.11 peak but more importantly below $75.31 peak, we expect Oil to continue lower. We don’t like selling it.
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