OIL is still in the ending diagonal in the wave C down. This structure show us that we have more downside ahead to complete it. We are eying levels from 44-45 for the potential reversal in this commodity.
Crude OIL, 1H
An ending diagonal is a special type of pattern that occurs at times when the preceding move has gone too far too fast, as Elliott put it. A small percentage of ending diagonals appear in the C wave position of A-B-C formations. In all cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement.
An ending diagonal pattern:
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