Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave chart of OIL ( CL_F ) published in members area. In further text we’re going to explain the structure and to see how we forecasted the path. Let’s start with 4 hour chart.
OIL ( CL_F ) Elliott Wave 4 Hour Chart 07.10. 2017
Our Elliott Wave forecast suggests that cycle from the December 2016’s peak has ended at 42.07 low. Consequently we’re expecting further strength in larger 3 wave bounce at least. The chart is calling X red pull back completed at 43.60 low, suggesting we’re already in Y red higher. We’re targeting upper line of down trending channel and more importantly W-X equal legs at 48.99-50.25 area
Now let’s go back 2 days and take a look at the smaller time frame to see how we forecasted potential reversal area.
OIL ( CL_F ) Elliott Wave 1 Hour Chart 07.08. 2017
Oil is doing wave X red correction against the 42.02 low. We expect it to complete at short term technical area: 43.74-43.08 and find buyers for further rally. As far as 42.02 pivot holds we expect OIL to trade higher.
OIL ( CL_F ) Elliott Wave 1 Hour Chart 07.14. 2017
Commodity found buyers right at the blue box, completed X red pull back at 43.65 low and gave us nice rally. It’s heading toward 0.618-0.764 Fibonacci extension at 46.88-47.65, that can produce 3 wave pull back ((x)) before rally resumes. We would like to see break above W red peak 07/04 to confirm proposed bullish view.
OIL ( CL_F ) Elliott Wave 1 Hour Chart 07.22. 2017
In the mean time Oil has made the new high as expected. Currently it’s giving us ((x)) pull back from mentioned area , correcting the cycle from the 43.64 low. Currently at 50-61.8 fibs : 45.60-45.14 where it should find buyers again.
OIL ( CL_F ) Elliott Wave 1 Hour Chart 07.31. 2017
Oil completed pull back at proposed 50-61.8 fibs, and gave us further rally. Keep in mind market is dynamic. If you’re interested in the future path of OIL or any of the other 50+ instruments we cover, join us now. You can find Elliott Wave analysis in the membership area of EWF.