Refer the Higher time frame analysis from our trading view profile here.
lets understand what the market is doing in larger time frames, say, Crude oil Monthly chart analysis.
Crude oil Monthly Elliott Wave Analysis
The monthly charts shows an infinite clues for understanding the mas psychology and to list a few,
The long Term trend is relatively down (not referring to what has happened but the future)
The path chosen or the route selected to achieve the target is complex structure, say triple three (W, X, Y, X & Z).
Within which we now see an interim rally for the wave (X) after (Y)
and lets deal with the properties of X in weekly and daily time frames
The retracement Profile for the previous plunge from 114$ to the start of X.
Crude oil Weekly Elliott Wave Analysis
Hold on to the same idea, the internal structure within X is important to understand market Psychology in that levels of trend and lets go even closer
The Internal labeling within X's are explained in the video below,
where the second retracement is drawn for the just finished Primary degree wave w and which is obviously followed by the wave X and for our great exclamation, the market has found its support in the areas of 61.8% (40.84) levels
What after that?
Lets deal with the analysis in the Daily time frame
Crude oil Daily Elliott wave analysis
The internal sub divisions within the intermediate (X) wave are also explained clearly in the Daily time frame within the video and this gives us enormous confidence that the wave (Y) has began in the intermediate degree and the same is about to lift Crude oil to new highs in conjunction with the Monthly charts that have a superior long term resistances.(refer to Monthly Crude oil Elliott wave analysis).
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