Joseph_King

Crude Oil Elliot Wave Idea

TVC:USOIL   WTI Crude Öl
Update to this idea >

Could the correction be over? Price bounced right at the median line of the pink Andrews pitchfork shown in the chart and approximately 0.382 of wave 3.

If you draw a channel (shown in yellow) using waves 1, 2 and 4 as reference points (wave 3 popped out of the channel which is not uncommon when using Elliot Wave and channels) and 1.618 of wave 4 you can can see price reaching almost $72 and reaching the channel top and green Andrews pitchfork median line .

My previous long position ($61,50) was stopped out so I will wait to see price action next week before considering a new position.
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