• 2 days Why 12 Million American Millionaires Isn’t Good News
  • 3 days Big Oil Is Paying The Price For Investing In Renewables
  • 4 days The Banking Industry’s $35 Billion Gravy Train Could Disappear
  • 5 days Did Amazon Just Democratize Prescription Drugs?
  • 6 days The Private Space Race Just Got Very Real
  • 8 days Short Sellers Are Willing Big In This Turbulent Market
  • 9 days SpaceX Gets Go-Ahead To Send Humans Into Space
  • 10 days Saudi Arabia Lost $27 Billion In Oil Crash
  • 11 days China’s Big Tech Takes A Hit As Regulators Crack Down
  • 12 days Black Friday Could Be Retailers’ Only Hope
  • 13 days Why You Should Not Dump Your Stay At Home Stocks Just Yet
  • 14 days The Real Reason Why Uber And Lyft Stocks Have Soared Nearly 50%
  • 16 days Bitcoin Heads Towards $16,000 And No One’s Cashing In
  • 17 days Elon Musk’s $250 Tesla Tequila Is Already Sold Out
  • 18 days Will The San Francisco Wealth Tax Spark An Exodus Of The Rich?
  • 19 days The Fin-Tech IPO Of The Century Just Got Crushed
  • 20 days UK Bookies Report Largest-Ever Political Bet Ahead Of Election Results
  • 21 days Better Safe Than Sorry: 5 Alternative Investment Plays
  • 24 days Tesla Set To Deliver 1 Million Electric Vehicles Next Year
  • 25 days Holiday Spending Already Soaring Amid Pandemic
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to…

Contact Author

  1. Home
  2. Markets
  3. Other

Crude Oil Short Term Elliott Wave: Another Leg Lower Ideal

Short Term CL_F Elliott Wave forecast suggests that the rally from 11/14 low is unfolding as a double three where wave ((w)) ended at $49.2, wave ((x)) ended at $44.82, and wave ((y)) of W is proposed complete at $52.43. Down from there, wave ((w)) ended at $49.61, and current wave ((x)) bounce is expected to complete at $50.9 - $51.64 area before turning lower 1 more leg. While bounces fail below $52.44, expect CL_F to do another leg lower in wave ((y)) of X towards the 100% - 123.6% area of ((w))-((x)).

We like neither buying nor selling Oil at this stage, but expect buyers to appear later after the next leg wave ((y)) of X pullback is complete as far as pivot at 11/14 low ($42.21) remains intact. To get an estimated area where wave X pullback may complete, if we assume wave ((x)) bounce has completed at $51.1, then 100 - 123.6% of ((w)) - ((x)) comes at $47.61 - $48.28 area as a possible target area where wave X pullback can complete.

Crude Oil Short-Term Elliott Wave Analysis Chart
Larger Image

 


For further updates of Oil and other instrument, try our services 14 days FREE to access our services. We have 24 hour coverage of 52 instruments from Monday - Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, live trading room for daily trading ideas, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits.

 

Back to homepage

Leave a comment

Leave a comment