Hello fellow traders. In this technical blog we're going to take a quick look at the past Elliott Wave charts of OIL (CL #F) published in members area of www.elliottwave-forecast.com. We're going to explain the Elliott Wave forecast and our trading strategy. As our members know , we were keep saying that OIL is trading within larger bullish trend. It was showing incomplete bullish sequences in the h4 and daily cycles as presented in Sequence Report. Consequently , we advised our members to avoid selling it,and keep buying the dips in 3,7,11 swings when get chance.
Let's take a look at the previous short term Elliott Wave forecasts.
OIL 1 hour London update 12.06.2017
As we can see on the charts bellow, wave B red pull back is in progress, correcting the cycle from the 54.82 low. Proposed pull back is unfolding as Double Three structure ((w))((x))((y)), when we're in ((y)) leg. More precisely in wave (c) of ((y)). Current view is suggesting more short term wekness in order to complete 7 swings structure. Although the pair is expected to trade lower in short term, we don't recommend selling it against the main bullish trend. We're looking for 56.58-56.03 area where we would like to be buyers. Invalidation for the long positon is break below 1.618 Fibonacci extension : 55.14 level or break of 54.82 pivot.
OIL 1 hour London update 12.14.2017
Eventually OIL has made proposed push lower toward our buying zone at 56.58-56.03. Sellers were strong enough to break little bit below 1.236 Fibonacci extension level:56.02, however buyers appeared immediately and the price has made nice rally from there. We're calling pull back B red completed at 55.82 low and expecting it to hold for further rally ideally. Long positions are already risk free.
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