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Elliott Wave Crude Oil Futures Options CFDs 21 January 2019

Elliott Wave Crude Oil Futures Options CFDs 21 January 2019

Elliott-Wave-Oil-fut...

Elliott Wave Crude Oil Futures Options CFDs 21 January 2019

Oil 1 Hour Chart
Tuesday, 21 January 2019 at 12:28:00AM AEST

Crude oil is nicely recovering within wave 5 and we still see an unfinished five-wave cycle. So, be aware of more upside towards 55.50 – 56.00 area, where bulls may slow down into a deeper correction. That said, once a five-wave rally fully unfolds, then we can expect a reversal, but any earlier sharp and impulsive decline back to 50 area would mean that we are already in a correction!

oil1hr01-21

Oil 4 Hour Chart
Monday, 21 January 2019 at 6:42:00PM AEST

No change.
On energy we see price recovering in an impulsive manner, ideally unfolding a bigger three-wave reversal.
With current rally from the 42.46 level comes an indication that a low had been put in place for a former higher degree wave A and that a bigger black wave B correction can be in the making. In such case, a five-wave rally for sub-wave A of B can now be in development which can later look for resistance and a turn into a minor sub-wave B correction near the 55.30 area (area of Fibonacci projection zone of 261.8 and 161.8) or higher around the 56.70 zone.

oil4hr01-21


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Elliott Wave Crude Oil,  Crude Oil Futures, Crude Oil Options, Crude Oil CFDs

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