CRUDE OIL: 21 Jul, 2024
© Master of Elliott Wave Analysis: Hua (Shane) Cuong, CEWA-M (Master's Designation).
Forecast: Bearish
Where are we in Elliott wave analysis? The chart on the left shows that we are bearish with the 3rd wave (Labeled wave (iii)-orange). Basically it will continue to push down even lower.
(1D Chart) The broader context suggests that wave (ii)-orange seems to have ended at the high of 84.52, and wave (iii)-orange is now unfolding to push lower. It is important that the price consistently remains below the high of 84.52 to maintain this view.
(4H Chart): The short-term outlook shows that since the high of 84.52, wave iii-grey is unfolding and subdividing into wave ((3))-navy. The price could continue to push lower, approaching the lows at 77.58 or 72.48. The price must always remain below 83.10 to maintain this view.
Forecast: Bearish
Where are we in Elliott wave analysis? The chart on the left shows that we are bearish with the 3rd wave (Labeled wave (iii)-orange). Basically it will continue to push down even lower.
(1D Chart) The broader context suggests that wave (ii)-orange seems to have ended at the high of 84.52, and wave (iii)-orange is now unfolding to push lower. It is important that the price consistently remains below the high of 84.52 to maintain this view.
(4H Chart): The short-term outlook shows that since the high of 84.52, wave iii-grey is unfolding and subdividing into wave ((3))-navy. The price could continue to push lower, approaching the lows at 77.58 or 72.48. The price must always remain below 83.10 to maintain this view.
Transaction en cours
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.