Elliott Wave Crude Oil Futures Options CFDs 4 June 2019
Oil 1 Hour Chart
Tuesday, 04 June 2019 at 08:11 GMT
Crude oil is also still in risk-off mode, and it may hit a new low as latest recovery was made by a small three waves so it looks like a wave four with wave five yet to come.
Oil 4 Hour Chart
Tuesday, 04 June 2019 at 06:26 GMT
Crude oil made a sharp drop in the last couple of days, which we now see it as sub-wave 3) of three. Possible support for sub-wave 3) can be seen around the Fibonacci ratio of 200.0 (51.00 area), where bears may temporarily slow down, and a three-wave pullback may follow. We are talking about a wave 4) pause within the downtrend, which can later stop around the 53.40/54.00 area.
In case price makes a much deeper pullback, above the 54.00 area, then likely energy is trading in a wave four of a higher degree.
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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