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Elliott Wave Crude Oil Futures Options CFDs 22 August 2019

Elliott Wave Crude Oil Futures Options CFDs 22 August 2019

Oil-Elliott-Wave-fut...

Elliott Wave Crude Oil Futures Options CFDs 22 August 2019

Oil 30 Minute Chart
Thursday, 22 August 2019 at 13:32 GMT

Crude oil is currently recovering, however we see latest rise as sub-wave c) of two, which can look for resistance, and a bearish turn near the 56.6/56.75 area. A drop in impulsive fashion, and below the 55.00 lvl. would suggest a completed pullback, and further weakness.

oil30mn08-22

Oil 4 Hour Chart
Thursday, 22 August 2019 at 06:09 GMT

No change.
Crude oil has moved nicely to the upside nearly two weeks ago, and touched the upper channel resistance line from where a minor reversal followed. We labeled the recovery as wave A), which can now be retraced by a three-wave A-B-C pullback within a wave B), with possible support near the 53.46 area. Once wave B) fully develops, that is when a new recovery into wave C) of E of a bigger triangle may follow.
 

oil4hr08-22


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

 

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