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Crude oil - An Elliott Perspective

Crude oil Elliott wave analysis

Resuming from the Weekly analysis here

crude oil has completed waves W,X & Y in Primary degree

The basic idea is that after W, X has retraced 50% & the same can be expected for the second X after Y wave also

Crude oil Precision Elliott wave analysis

As it can be referred from the image, there is a clear support @ 50% levels (43.57) for Crude July Contract

After that we can expect final z Wave in this sequence to take it to new highs for 38.2%R to complete Wave W in cycle degree...

Hope this helps

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