Joseph_King
Long

Crude Oil Elliot Wave Idea

TVC:USOIL   WTI Crude Öl
Update to this 1D chart >

Possibly ABC correction completed to .236 of wave 3 (4560-6666). If this is the completion of wave 4 it is sharp compared to the wave 2 we had from 5040 to 4570 which is as per Elliot Wave theory.

Appears to be completed as per this idea on smaller timeframe >

1.618 of A wave reached for completion of C.

I bought at 6150. If low of today breaks will wait to try buying again at 0.382 (59ish).
One thing to consider is most corrections for last few quarters have consisted of +-30 calendar days. If that is the case I don't think oil is anywhere out of the woods and the .382 fib is where this thing is headed. or.... it could be a potential for a H&S set up over the next couple months, which would coincide with the peak production window in the summer.
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Joseph_King therancher
@therancher, Very true on on the 30 days. The wave 2 I have from 5040 to 4560 was almost 30 days, thats what led me to believe we might have a short and sharp correction for wave 4 but maybe it's too short. It looks a bit like a bear flag right now also so at least one more leg to come, possibly 6080. I have a lot of other ideas about deeper drops such as a double zig zag ABC, extensions to C in this theory and a much deeper idea where this ABC is only waves 1, 2 and part way through 3 of an A wave although that would see sub 55 I think.
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