Crude Oil Elliott Wave Idea
I was asked in the last chart what my views were on larger timeframe so here it is.
There are many alternatives for bullish and bearish from here but I think it's possible we're in subwave 4 (green waves) of wave 3 (purple waves) with purple wave 3 hitting the 1.618 extension of wave 1 around $82 to $83 (the .618 extension for green wave 5 is also at this level).
Some details of purple wave 3 can be found here >
If you look at purple wave 2 you can see it bounced exactly at the .382 level then up to current levels.
Details on purple wave 2 below, some nice Fibonacci levels within that WXY made up of ABC legs.
There are many alternatives for bullish and bearish from here but I think it's possible we're in subwave 4 (green waves) of wave 3 (purple waves) with purple wave 3 hitting the 1.618 extension of wave 1 around $82 to $83 (the .618 extension for green wave 5 is also at this level).
Some details of purple wave 3 can be found here >
If you look at purple wave 2 you can see it bounced exactly at the .382 level then up to current levels.
Details on purple wave 2 below, some nice Fibonacci levels within that WXY made up of ABC legs.
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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.