Should the CRUDE OIL rally from here?
The crude oil's 4th wave dip seems to have found the right area from where it might look to reverse and then rise towards the 97-100$ mark in the pending wave 5.
The rise from the MAY bottom may look like a corrective ABC to many but in this chart i considered taking the wave 1 rise in May as a leading diagonal(more clearly visible on hourly and 3-hour charts), and therefore according to my wave counts the 5th wave should begin now as the wave c of ABC is ending now with an ending diagonal formation.
SUPPORT ZONE 77-78 $
Note*- This is not a buy/sell advice. This chart is for educational purpose only.
The rise from the MAY bottom may look like a corrective ABC to many but in this chart i considered taking the wave 1 rise in May as a leading diagonal(more clearly visible on hourly and 3-hour charts), and therefore according to my wave counts the 5th wave should begin now as the wave c of ABC is ending now with an ending diagonal formation.
SUPPORT ZONE 77-78 $
Note*- This is not a buy/sell advice. This chart is for educational purpose only.
Note
Violation of $74.69 mark would invalidate the above posted chart and view.Note
The wave 1 high of 74.69 was not violated in the fall and therefore i would still stick to this chart as no rules for of the Elliot wave theory are broken yet.The 5th wave rise should still be expected.
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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.