Crude OIL – Triangle Pattern on Energy Points Lower!

Intermediate

Hello fellow traders,

A bigger triangle as part of a three-wave A-B-C reversal can be unfolding on crude oil in wave B. Now we are tracking final stages of a triangle, so be aware of a drop once final leg E of a triangle fully shows up. A drop below the lower triangle line would be an early sign of a completed triangle, and more weakness into 42.0/39.0 area for a wave C.

Crude oil, Daily

Crude Oil Daily Chart 2019-08-21

On the 4h chart of crude oil, we can see that energy has moved nicely to the upside nearly two weeks ago and touched the upper channel resistance line from where we can already see a minor reversal. We labelled latest recovery as wave A), which can now be followed by a three-wave A-B-C pullback within a wave B), with possible support near the 53.46 area. Once wave B) fully develops, that is when a new recovery into wave C) of E of a bigger triangle may follow.

Crude oil, 4h

Crude Oil 4 hour Chart 2019-08-21

www.ew-forecast.com

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

Comments on this analysis

Your email address will not be published. Required fields are marked *


Latest Related News

A volatile start to 2020 – MacroWatch

A truncated trading week to end 2019 and start 2020 last week, with global markets observing holidays during the turn of year.2019 ended and 2020 initially started by echoing the “risk on” tone from the whole of last year with global stock averages extending the December, Santa rally through the end of year, albeit with a small dip at year end and then a surge… Continued

Big Correction on Crude Oil Points Lower – Elliott Wave analysis

Crude oil jumped towards 63.00 and tested the upper side of a 2019 trading range where upside was limited, and a new leg lower started developing. We labeled that same leg down as wave D, as part of a bigger complex correction, which fully developed and pushed price into the final leg E of a triangle structure, towards the 57.00 region. Potential resistance/bearish turn for… Continued

WTI Crude Daily Forecast July 25th 2019

WTI Crude quickly collapsed back below 5695/5705 signalling losses to 5660/55, first support at 5630/20 then 5580/70 & 5540/30. We bottomed exactly here but further losses target 5500 before support at 5470/60. A break below 5440 is a sell signal targeting 5405/00, 5380/70, 5350/40 & perhaps as far as 5310/00. Gains are likely to be limited with minor resistance at 5620/30 & strong resistance at… Continued

EURUSD and Crude Oil! – Euro and OIL Taking Time Off, Before More Gains

EURUSD made a nice five-wave rally from a new low at the 1.119 area, which can be first evidence that bears are temporarily finished on EURUSD, and that a temporary three-wave reversal can be in play (of a higher degree). We can now see first five legs of one wave as completed, and current intra-day drop as part of a temporary pullback with potential support… Continued

Crude Oil Conundrum

Saudi Arabia and Russia agreed to extend their oil restrictions The oil price was pushed higher over U.S. – Iran tensionsThe level of U.S. production means America does not need to engage in the Arabian GulfTarget WTI down to 56.39 The Saudi Arabian Energy Minister, Khalid al-Falih said on Saturday, June 29, 2019 that is an agreement forged between the Russian and Saudi leaders during… Continued

Forex Brokers in your location