Crude long term bias for 2024I am expecting crude to hit 130.00 within the first two quarters next year. Sharing the long term bias
Nymexcrude
WAVE C SETUP - WTI CRUDE OILVIEW:
Crude oil appears to be ripe for down move...
Structure/Pattern:
Impulse + correction ==> Impulse ==> wave c/wave 3?
CRUDEOIL --THE ELLIOTWAVE PERSPECTIVE IN QUESTIONBIGGER PICTURE OF CRUDE OIL ---- AS PER ELLIOT WAVE
Crude oil has been in corrective mode since July 2008.
I had 4 hurdles for crude oil to breach itself to go towards its life time peak...By the time I m posting this...its already through with the 3rd hurdle...
CASE 1:
If crude oil unfolds into motive wave sequence(1-2-3-4-5) and also breaches key level for bulls and bears...It may result in positive structure for crude oil...Bulls will be more confident then on...But this scenario is not good for economies importing crude oil...
CASE 2:
If crude oil fails to breach the key level for bulls and bears... bears may start smelling honey in crude 😀😁😉
As of now bull party🚀 is on...
CRUDE OIL SHOULD TAKE SOME REST HERECRUDE OIL IF HOLDS 58.20$ ON CLOSING BASIS CAN HEAD TO THE UPPER END OF THE BOX NEAR 63$
CRUDE STILL GOING UPCRUDE CMP NEAR 74.50 IF HOLDS 74.30 ON CLOSING CAN HIT 79.20 FILLING THE UPPER END OF THE BOX
