Wave 2 Completed for CL

4 thg 8

I am back after taking some time off. I'm renewing my interest in Elliot Wave counts but am looking only to use for validation of past price action and possible movement going forward but will not rely on the counts as a primary means for set ups along with fib extensions. I'll be focusing more on trend channels as it relates to Wyckoff principles in consolidation areas to utilize for trade set ups.

On the weekly chart for CL, I believe we have finished up Wave 2 coming down from the previous high at 130. I think there was a massive B wave triangle that dominated the length of the wave and finished with a ABCDE wave contracting triangle. Wave C looks to have finished off with a 5 wave ending diagonal for the low at 55. It's quite possible the B wave added two more waves for wave E & F and the current leg down is the 5th wave of C. If that's the case, then expect a new low below 55.

From a Wyckoff perspective, I'm struggling to identify structures give the massive B wave that I have in this count. So that probably means the count is wrong and will need to assess an alternative count.

I am no longer subscribing to Pure Elliot Wave so I don't know what they have for a current count in oil.

Good luck.

4 thg 8

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My mistake. Two more waves in the B wave is labeled f & g. Not e & f.

4 thg 8

Ghi chú

I should add this is an amateur attempt at this count. It's quite possible it's not a valid count but so far it works for me.

8 thg 8

Ghi chú

Weekly chart so not much visual movement but with the red candle for this week, shaping up to go with the alternative count where we will see price in the 50's again.