Elliott Wave Crude Oil Futures Options CFDs 8 February 2019
Oil 1 Hour Chart
Friday, 08 February 2019 at 8:38:00PM AEST
Another risk-off indication is crude oil where we see price coming down to 51.28 level, which can be a temporary support for wave A), so more weakness after wave B) rally.
Oil 4 Hour Chart
Friday, 08 February 2019 at 7:23:00PM AEST
Crude oil is dropping from the 55.72 level, suggesting that sub-wave A) as part of a three-wave pullback of a higher degree wave 2 is in play. In such case, be aware of more weakness, ideally towards 50.06 potential support region, where former swing lows can react as a bounce for the stock market.
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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