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