Elliott Wave Crude Oil Futures Options CFDs 19 March 2019
Oil 1 Hour Chart
Friday, 15 March 2019 at 12:29:00AM EST
Sharp leg back below previous wave 4 suggests a deeper decline at least in three waves, so Crude oil may drop back to 56.70 support level and then we will see if it's wave C or wave 3. If goes back into new highs, then we will adjust the view.
Oil 4 Hour Chart
Tuesday, 19 March 2019 at 7:12:00 GMT
Crude oil can be unfolding a higher degree wave C, as part of a bigger three-wave correction. We labelled a EW ending diagonal as our alternate count, as we think there is a chance for a straight rise on oil towards 60 or even higher while dollar gets weaker and commodity currencies are showing strength. However, if from any reason market will turn below the channel support then we think bearish view will have to be considered.
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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