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OIL (CL #F) forecasting the path


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OIL (CL #F) forecasting the path

Hello fellow traders. In this technical blog were going to take a quick look at the past Elliott Wave charts of OIL ( CL #F ) published in members area ofwww.elliottwave-forecast.com. In further text were going to get through short term price structures and explain the Elliott Wave view.

OIL Elliott Wave 1 Hour New York Chart 10.11.2017

As our members know, back then we were calling cycle from the 09/28 peak completed at 49.11 as truncated Double Three structure. Due to incomplete bullish swings sequences OIL have had in higher time frames we were expecting it to trade higher.

The price is giving us reaction from the 61.8 Fibo level against the peak. Were expecting short term pull back in (b) to correct short term rally from the low. At this stage were labeling rally from the 49.11 low as 5 waves structure : wave (a) blue.

Oil 1

OIL Elliott Wave 1 Hour New York Chart 10.12.2017

Were getting nice pull back in wave (b) as expected. The price is reaching 50 -61.8 Fibo Retracment area against the low at 50.27-50.00 . We expect buyers to appear there for further rally ideally. Although we expect commodity to trade due to its bullish sequences in higher time frame, we advised members to be carrefull with buying it, as its not showing short term tradable sequences.

OIL Elliott Wave 1 Hour London Chart 10.16.2017

OIL found buyers at 50 -61.8 Fibo Retracment area (50.27-50.00) and gave us nice rally. Currently its at important technical area equal legs (w) related to (x) at 52.16-52.63 where buyers will be taking profit.
We knew that pull back should follow from that area, assuming that it can reach 50 Fibo retracment zone agianst the 49.09 low.

OIL 3

OIL Elliott Wave 1 Hour London Chart 10.19.2017

We got proposed pull back thats reaching equal legs from the peak at 51.14-50.41. We expect buyers to appear again for further rally ideally or 3 wave bounce alternatively.

OIL 4

OIL Elliott Wave 1 Hour New York Midday Chart 10.23.2017

((x)) pull back extended little bit below 1.236 fibo extension and found buyers right at 50 Fibo retracement area :50.74. Currently doing short term pull back b red that is expected to find buyers at 51.69-51.56 area.

If youre interested in new Elliott Wave forecasts of OIL you can find them in the membership areaof EWF.

OIL 6

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Elliottwave-Forecast.com  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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