Crude in Wave 3 - Bullish Channel

Jan 7

Basically and continuation of previous published idea. Wave counts have been updated and the low at Wave 2 sets the lower channel. Wave 1 ended and was followed by and expanded flat Wave 2. Continued movement above the bearish downtrend channel continues to give great confidence we are seeing a trend change to bullish movement.

Friday's closing looks to have ended with an ABCDE triangle that will end in a Wave 5 on a lesser count. I'll take a snapshot of my minutes count and add to the replies.

Overall, I'm bullish. Looking to buy dips and will likely see and end to this wave in the 80's.

Thoughts and ideas only and charts and comments not meant for trading decisions of any kind. I advise you to due your own diligence, keep your own counsel, and trade at your own risk.

Jan 7

Note

Full Disclosure. I subscribe to the weekly analysis provided by the folks at Pure Elliot Wave. They do a daily, weekly, and monthly EW analysis of several markets of which Crude is one of them. I will not publish any analysis provided by that service and only attempt to follow on an hourly and minute basis with my own analysis to see if it jives with theirs. It's all part of my learning process for utilizing EW theory in my trading. I make no money with this disclosure but do recommend this site if you wish further study of EW theory.

Jan 13

Note

Doesn't look like price is unfolding as predicted. It's setbacks like these that reminds me EW is a tool for analysis and not a predictor model. Price since 67.71 feels more corrective than motive with more 3 wave structures than 5 in my opinion. It looks like we are in a large consolidation Wyckoff consolidation pattern on a daily and will continue to monitor. First part of the Wyckoff channel is describe below on the Jan 9 chart I posted.