WTI - Metals & Crude Oil | Elliott Wave | November 2019
WTI - Elliott Wave Technical Analysis
Structure & Degree: Complex Flat in Cycle b (black)
- Primary A (red): 3-swings sequence
- Primary B (red): Complex Double Three in Intermediates (W)(X)(Y) (pink), Double Flat
- Primary C (red): Impulse, 5-3-5-3-5 sequence
Intermediate (1) (black): Leading Diagonal, channeling impulse
Intermediate (2) (black): Complex Double Three
Minor W (purple): Simple Flat
Minor X (purple): Contracting Triangle
Minor Y (purple): Zig-Zag
The current structure could allow one more swing-high, but only in a Triple Three.
Only a breach of the lower channeling trend-line would confirm the bearish impulse and the sell-off.
Current Position & Pattern:
- Intermediate (2) (black), Complex Correction, Bear Flag, Channeling Correction
Expected Swing:
- Intermediate (3) (black), bearish 5-swings sequence, impulse, sell-off
Technicals & Confirmations:
- 61.8 or 78.6% Fibonacci Retracements of Intermediate (1) (black)
- 161.8% Fibonacci Extensions of Minors W & X (purple)
- 161.8% or 200% Fibonacci Extensions of Minutes a & b (blue)
- Bearish Divergence at Resistance
- Bearish Harmonic Structure
- Channeling Bear Flag
- 58.65 - 60.75 range is a Point of Interest
Structure & Degree: Complex Flat in Cycle b (black)
- Primary A (red): 3-swings sequence
- Primary B (red): Complex Double Three in Intermediates (W)(X)(Y) (pink), Double Flat
- Primary C (red): Impulse, 5-3-5-3-5 sequence
Intermediate (1) (black): Leading Diagonal, channeling impulse
Intermediate (2) (black): Complex Double Three
Minor W (purple): Simple Flat
Minor X (purple): Contracting Triangle
Minor Y (purple): Zig-Zag
The current structure could allow one more swing-high, but only in a Triple Three.
Only a breach of the lower channeling trend-line would confirm the bearish impulse and the sell-off.
Current Position & Pattern:
- Intermediate (2) (black), Complex Correction, Bear Flag, Channeling Correction
Expected Swing:
- Intermediate (3) (black), bearish 5-swings sequence, impulse, sell-off
Technicals & Confirmations:
- 61.8 or 78.6% Fibonacci Retracements of Intermediate (1) (black)
- 161.8% Fibonacci Extensions of Minors W & X (purple)
- 161.8% or 200% Fibonacci Extensions of Minutes a & b (blue)
- Bearish Divergence at Resistance
- Bearish Harmonic Structure
- Channeling Bear Flag
- 58.65 - 60.75 range is a Point of Interest
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