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