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TheDemonTrader

Monthly Wave Count for Crude Oil (extended count)

Short
Light Crude Oil Futures (NYMEX:CL1!)  
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NYMEX:CL1!   Light Crude Oil Futures
Fibonacci Elliott Wave Crude Oil crudeoilwti
7
4
fibonacci elliottwaves crudeoil crudeoilwti
Some countries (i.e Malaysia) are making a smart move by pegging the retail oil price when crude oil was at around peak of wave 4 of C. That will bring extra revenue for the country at times of turbulence (but at the expense of the people).
Kommentar:
Sorry for not updating about the alternate bullish count for Crude Oil earlier. I'll update on the new count only if price breaks 72.83 because 72.84 is the invalidation point. However, price might also retrace a bit before breaking 72.83.
Kommentar:
Invalidation point HIT! I'll reassess my count soon.
Kommentar:
snapshot
The current rally might be wave 5 of C of 4. The ultimate invalidation of this bearish count is when price break above 74.95. As for now, there's no confirmation yet.

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