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OIL Finds Short Term Support, German DAX May Face Resistance

Crude oil is down today, but it found a support 30mins back at 61.8% which is the most important Fibonacci level for a new swing. Ideally that was a low of a wave i/b, so third leg up is in view. Short-term rally through 50.40 will open door for $52.

WTI CRUDE 1h Elliott Wave Analysis

WTI CRUDE 1-Hour Elliott Wave Analysis Chart

German DAX is at all time highs, but current leg to the highs is still slow based on the RSI reading. Also, we see wave 5) now reaching triangle measurement level that can react as a resistance. However, break beneath 11170 support is needed for any trend change. Keep an eye on that level.

DAX 1h Elliott Wave Analysis

DAX 1-Hour Elliott Wave Analysis Chart

 

 

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