Oil Elliott Wave Analysis: Crude Oil Bearish Impulse
CommodityOnline | Nov 18, 2014 07:04AM ET
Crude oil is in strong impulsive downtrend from 107.50 that appears incomplete as impulses are five wave pattern, but latest decline from around 96 looks like an extended wave 3 that could be looking for a support around current levels, or near 71.00. We believe that new corrective wave 4 will occur by the end of the year, even back to 82.00-83.00 levels before downtrend may continue. Divergence on the RSI also suggest some bounce first.
OIL Daily Elliott Wave Analysis
Crude Oil finally broke to the downside last week, but bounce on Friday back above 75.00 area. However, despite some solid recovery in the last few sessions we see a decline from around 81.40 as incomplete. We are looking at wave (v) that can be even an ending diagonal, so market can be in late stages of a downtrend, but with room for another leg towards 71/72 area.
OIL 4h Elliott Wave Analysis
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