Elliott Wave Crude Oil Futures Options CFDs 4 January 2019
Oil 30 Minute Chart
Thursday, 3 January 2019 at 7:40:00PM AEST
Crude oil has made a nice recovery but so far only in three waves up to 48.00, so I think that energy may once again come under pressure for a fifth wave lower, back to 42.50, especially once corrective channel is broken.
Oil 4 Hour Chart
Thursday, 3 January 2019 at 6:22:00PM AEST
Crude oil is trading at the lows, now unfolding a five-wave drop down from 54.00 level which we labelled as wave 5) of A. At the moment we see price ending sub-wave 4 of 5), which can once completed push price into a new low below the 42.56 level.
Be aware that we are tracking final leg of a bigger, bearish impulsive structure, so a recovery can be around the corner.
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Elliott degrees in order: Grand Super cycle wave, Super cycle wave, Cycle wave, Primary wave, Intermediate wave, Minor wave, Minute wave, Minuette wave and Subminuette wave.
Elliott Wave Crude Oil, Crude Oil Futures, Crude Oil Options, Crude Oil CFDs