Crude Oil: Looks like more downside is remaining (Elliott Wave Analysis)
|Crude: 1H : Updated : Looks like more downside is remaining in this market. From a short term perspective either Wave 3 is complete or still continuing.
Hypo 1: If still continuing then we should see more down move from here as an Ending Diagonal.
Hypo 2: If Wave 3 is already complete then we expect sort of Flat formation for Wave 4 as represented by the Red arrows.
Strategy: From an Intraday perspective if we see Wave 4 continuation as a Flat then we will look for selling this market for Wave 5 down, however if we see an Ending Diagonal continuation then we will wait for completion of the same to trade longs.
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