Crude Oil - Elliott Wave Analysis: Rallying Higher In An Impulse Structure
Elliott Wave Forecast | Jul 02, 2018 11:42PM ET
Crude Oil short-term Impulse Elliott wave structure with extension with lesser degree oscillation showing the sub-division of 5 waves structure in it’s each leg higher.
Above from $63.59 low, intermediate wave (1) ended in 5 waves structure at $66.53 high. Down from there, intermediate wave (2) pullback ended at $64.34 low. Up from there, intermediate wave (3) higher remains in progress with lesser degree cycles also showing the advance of 5 waves structure in Minor wave 1 and Minor wave 3 thus favoring more upside.
The internals of that advance ended Minor wave 1 of (3) at $69.44, Minor wave 2 of (3) ended at 67.72 low. The Minor wave 3 of (3) ended at $73.99 & Minor wave 4 of (3) ended at $72.48. Then above from there Minor wave 5 of (3) remains in progress. And as far as it stays above $72.48 instrument can reach as high as Minor wave 5=Minor wave 1 target area at $77.60-$78.84. Afterwards, the instrument is expected to do an intermediate wave (4) pullback in 3, 7 or 11 swings before further upside is seen. We don’t like selling it into a proposed pullback.
OIL 1 Hour Elliott Wave Chart
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.