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.

Oil

 

The author or any person directly or indirectly associated with 50eyes.com does not hold any liability for any profit, loss or loss of profit made using the views presented. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures or forex); therefore, you should not invest or risk money that you cannot afford to lose.