Oil Elliott Wave View: Providing Buying Opportunity Soon

 | Jul 11, 2018 12:46AM ET

Crude Oil WTI short-term a double correction in 7 swings lower towards $70.74-$69.53, which is 123.6%-161.8% Fibonacci extension area of Minor wave W-X before it resumes the upside provided the pivot from $63.39 low stays intact. We don’t like selling it and expect Oil to stay supported as far as a pivot at $63.39 low is holding.

OIL 1 Hour Elliott Wave Chart