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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 123265, member: 40858"] [FONT=Georgia][COLOR=rgb(20, 20, 20)][SIZE=6][B]Crude Oil (CL_F) looking for buying area[/B][/SIZE] Short term Elliottwave view in Crude Oil (CL_F) suggests that the instrument is currently correcting cycle from 11/14/2016 low (42.21) in 3, 7, or 11 swing before the next leg higher. The decline starting from 2/23 high (54.94) is unfolding as a double three Elliottwave structure where wave ((w)) ended at 52.54 and wave ((x)) ended at 53.80. Near term focus is on 52.47 – 52.64 area to complete wave (w) of ((y)), then Crude Oil should bounce in wave (y) of ((y)) before turning lower again towards as low as 49.34 – 50.41 area, provided that pivot at 53.8 high remains intact. We don’t like selling the proposed pullback and expect the next buying area of 49.34 – 50.41 to find dip buyers for the next leg higher or at least a 3 waves bounce. [B]CL_F 1 hour chart 03.08.2017[/B] [URL='https://elliottwave-forecast.com/wp-content/uploads/2017/03/2CL-60201703072142202.jpg'][COLOR=rgb(23, 96, 147)][IMG]https://elliottwave-forecast.com/wp-content/uploads/2017/03/2CL-60201703072142202-1024x517.jpg[/IMG][/COLOR][/URL][/COLOR][/FONT] [/QUOTE]
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