• 2 days Apple Stocks Falls After Blowout Earnings Report
  • 2 days The 5 Biggest IPO Disasters Of 2021
  • 3 days Crypto-Based ‘Shadow Financial Market’ Spooks Regulators
  • 6 days Ireland Balks At Biden’s Global Tax Plan
  • 9 days Robinhood To Trade On Nasdaq Targeting $32B Valuation
  • 12 days Facial Recognition Is Watching You
  • 14 days Biden’s $3.5T ‘Human Infrastructure’ Workaround
  • 14 days The Fed’s $3 Trillion Headache
  • 17 days Why Bitcoin Could Struggle To Recover After Epic Crash
  • 17 days Wells Fargo Back In The Spotlight Over Personal Loan Cancellations
  • 18 days Delta Variant Real Threat To Economic Recovery
  • 21 days JEDI Drama Continues With Microsoft Contract Cut
  • 23 days DiDi Shares Take a Beating From Chinese Regulators
  • 24 days Thousands Of Companies Hit In Latest Ransomware Attack
  • 24 days Jobs Report Has Big Numbers, But Still Big Problems
  • 25 days Robinhood’s ‘Mission’ Questioned in $70M Fine
  • 28 days Didi Just Went Public, And Uber Is Loving It
  • 29 days Islamic Finance On Track To Hit $3.7 Trillion
  • 30 days The Lumber Bubble Is Bursting
  • 34 days A New Entry In The Two Trillion Dollar Club
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