Crude Oil looks to have one more down leg remaining before corrective reversal (Elliott Wave Analysis)
|Crude: 15 min. : In the last post the peak highlighter by the yellow box was supposed to be the Wave (4) however that got relegated once the price action progressed in a corrective formation to the point were it is not market as Wave (4).Now it looks like one more down leg is remaining before the completion of the Impulse. Readers must keep in mind that Elliott Wave Counts just like the market themselves are dynamic in nature.
Strategy: Either we wait for the expected down move and then a reversal to look for longs. Else if the market moves straight up from here relegating this count then we will know of the same once the orange channel in broken to the upside. Hence in either case this is a wait and watch scenario.
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