Elliott Wave Crude Oil Futures Options CFDs 29 October 2019
Oil 1 Hour Chart
Tuesday, 29 October 2019 at 13:51 GMT
Crude oil is sharply falling after we noticed an ending diagonal (wedge pattern) in the final wave 5 of C). So, seems like an upward correction is completed, but only if we get five waves of decline, only then we can confirm a completed correction within downtrend, just be aware of pullbacks!
Oil 4 Hour Chart
Tuesday, 29 October 2019 at 07:45 GMT
Crude oil has turned higher this month, and then formed a triangle in wave B before price jumped with five subwaves higher into wave C). This wave C) already contains five subwaves, so reversal that we are seeing right now can already be a start of a bigger drop. However, the real and final confirmation about the turning point would be below 54.60 as that's where even alternate count (incomplete wave c) would be invalidated, thus more bearish for energy.
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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