• 5 hours Could This Be The Hottest Commodity Play Of 2021?
  • 21 hours JP Morgan Says Fintech Will Steal The Disruptor Show
  • 3 days Facebook Plays Dirty Down Under
  • 3 days Could This Be The Most Exciting Lithium Play Of 2021?
  • 6 days China Sidelines US As EU’s New Top Trading Partner
  • 8 days 3 Smart Ways To Play the Global Chip Shortage
  • 9 days Flying Taxis Are The Number One Speculative Bull Arena
  • 10 days Ocean Power: The Missing Link
  • 15 days Luxembourg’s Ultra-Secrecy Still Attracts Hundreds Of Billionaires
  • 16 days Robinhood Is Under Fire And Trading ‘Democracy’ Is In Question
  • 17 days Bitcoin Could Be Worth $12 Trillion In The Long-Term
  • 18 days The Biggest Tech IPO Since Uber … For Farmers
  • 20 days The Biggest Boost Yet for the Cannabis Industry
  • 21 days Biden Administration Signs $231 Million Deal For At Home COVID Tests
  • 22 days China’s Tech Billionaire Ma Is Back And ‘Compliant’
  • 23 days Gamestop Crashes By 60% But The Story Is Far From Over
  • 25 days Crypto Crime Is Plummeting
  • 27 days Small Oil Firm Gets Massive Wall Street Bets Bump
  • 28 days Super Bowl Regulars Ditch Top Commercial Slots This Year
  • 29 days TikTok Got A US Reprieve, But Elsewhere, It’s War
Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

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 Looking for Buying Area

Short term Elliottwave view in Crude Oil (CL_F) suggests that the instrument is currently correcting cycle from 11/14/2016 low (42.21) in 3, 7, or 11 swing before the next leg higher. The decline starting from 2/23 high (54.94) is unfolding as a double three Elliott Wave structure where wave ((w)) ended at 52.54 and wave ((x)) ended at 53.80. Near term focus is on 52.47 - 52.64 area to complete wave (w) of ((y)), then Crude Oil should bounce in wave (y) of ((y)) before turning lower again towards as low as 49.34 - 50.41 area, provided that pivot at 53.8 high remains intact. We don't like selling the proposed pullback and expect dips to find buyers at the above area for at least a 3 waves bounce.


CL_F 1-hour chart

CL_F 1-Hour Still within Wave 3 Elliott Wave Analysis Chart
Larger Image


Elliott Wave Degree

 


At Elliottwave-Forecast, we offer 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, 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. Check out our 14 day Trial to sample everything we have to offer.

 

Back to homepage

Leave a comment

Leave a comment