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Crude Oil Elliott Wave Analysis: Bearish Impulse

ByCommodityOnline
Published 11/11/2014, 05:20 AM
Updated 05/14/2017, 06:45 AM
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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 at 72.00, We believe that new corrective wave 4 will occur by the end of the year.

OIL Daily Elliott Wave Analysis


Crude oil broke to new low last week after a triangle was formed in wave four position, so we know that price is now in fifth wave, final leg of a larger impulsive decline. But there is room for much lower levels still as wave (v) also must be made by five waves. In fact latest rally on crude found resistance at broken triangle line, around 79.76 to be more precise, where we see now a completed correction because of a sharp drop to 77.00 yesterday. As such, we see possibility for more downside, maybe even wave three of (v) towards 74.00/73.00 area in the short-term. 79.76 is now invalidation level; as long it will stay in place we are looking down.

OIL 4h Elliott Wave Analysis


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