Bullish View :
Oil still continued to rise in Minute-degree third wave of a first portion in uptrend.
The wave ((iii))’s extreme would be pointed the Fibo target at 51.09, where the third and first waves are equal. After that, the wave ((iv)) will likely develop on the structural support (46.68).
Note: With respect to variant frames of Oil chart, revealing a five-wave structure of Minor degree will fully confirm the bullish case.
Bullish View :
Oil has continued to rise in Minute-degree third wave of a first portion in uptrend.
The wave ((iii))’s extreme would be pointed the Fibo target at 51.09, where the third and first waves are equal. After that, the wave ((iv)) will likely develop on the structural support (46.68).
Note: With respect to variant frames of Oil chart, revealing a five-wave structure of Minor degree will fully confirm the bullish case.
Bullish View :
The continuing of rise in Crude Oil (47.83 percent), would suggest the 26.05 February low as a significant extreme now.
Oil may still remain in the process of correcting in sideways, as long as hold under 34.82. Any break of this level would negate a running triangle as the fourth wave developing, since its wave c cannot move beyond the wave a extreme.
Based upon this wave count, the sideways developing will result in resuming decline of Minute-degree fifth wave.
This week, 8.8% decline of Oil indicates the fourth-wave of its triangle wave (iv) is falling now (wave d, which is prior its same degree wave e up).
The decline of wave d would achieve the Fibo 0.618 expansion level at 28.11. (wave d = 0.618 wave b, a common relationship between the same direction subwaves of a triangle.)
Note : The ultimate target for final decline of Minute wave ((v)) will be able to assess after pointing the triangle’s extreme.
Today’s selloff in Crude Oil, would suggest the fourth wave of the triangle wave (iv) may have begun its way down (wave d, which is prior its same degree wave e up).
The ultimate target for final decline of Minute wave ((v)) will be able to assess after pointing the triangle’s extreme.
After extending in Minuette-degree wave (iii), Oil could remain in wave (iv) developing in sideways.
The ultimate target for final decline of Minute wave ((v)) will be able to assess after pointing its fourth-wave’s extreme.
Crude Oil should be in third wave of its Minuette-degree wave (v), which would conclude the whole sequence of Minute-degree wave ((v)).
The ultimate extreme will be in the area surrounding 26.48, where the subways (v) and (i) are equal.
Today’s sharp selloff in Crude makes up a reversal candlestick pattern (an Evening Star), that would suggest to resume the downtrend in final fifth-wave decline.
The ultimate target is the area surrounding 26.48, where the Minuette-degree waves (v) and (i) are equal.
As denoted by the labels of consecutive degrees on the daily chart below, farther extending down could be expected yet to complete the decline of Minute-degree fifth wave.
Based upon this view, the Minuette-degree wave (iv) developing after that final decline in wave (v) lie ahead, before the Minute-degree wave ((v)) finds its extreme point.
Elliott Chart 