Crude Oil Elliott Wave Idea

Updated

Looks like we might be in wave 4 pull back to around the 0.382 level of wave 3 in the form of WXY >

Yellow line in the chart is the 3.618 extension of the larger degree wave 1. Possibly pullback one more time for a larger degree wave 4, then down for larger degree wave 5.

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Maybe ABC and 3 of C hitting 4.618 extension >

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WXY, or even WXYXZ possible too >

.382 level to watch

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May be in something complex >

According to rules below WXYXZ could be possible.

Wave W must be a zigzag pattern.
Wave X can be any correction pattern, except an inverted broadening triangle.
Wave X is smaller than wave W.
Wave Y must be a zigzag pattern.
Wave Y is, at minimum, equal or bigger than wave X.
Wave X² can be any correction pattern, except an inverted broadening triangle.
Wave X² is smaller than wave Y.
Wave Z must be a zigzag pattern.
Wave Z is, at minimum, equal or bigger than wave X².

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So far looks like WXYXZ completed with Z equal to X >

POssibly some other complex correction though

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If wave 5 has started >

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Possibly a bigger WXY in play, bounced perfectly at .786, 1.272 extension around 6740 >

Which coincidentally is the 0.382 retracement level

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Could be in C, in ending diagonal

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An idea >

Maybe now in starting wedge for wave 1

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Looks like a starting wedge for wave 1 of 5 so may pop out of the wedge and correct before moving down further

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The never ending correction? Now looks like WXYXZ >

As Z must be at minimum equal in length to X(2) then we should see 6740 if this is a WXYXZ

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Its possible I think that this 5th wave is completed; Some nice Fibonacci levels, extensions of wave 1 and 3 >

Subwaves zoomed in >

Joseph_King

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