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Oil: Elliottwave structure suggests a scope for near term upside before pullback

Discussion in 'Forex Trading Signals & Forecasts' started by Sandra S., Nov 26, 2015.

  1. Sandra S.

    Sandra S. Forum Member

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    Revised short term reading of the Elliott Wave cycle suggests the decline to 39 at 11/21 ended wave (B) and oil has turned higher in a triple three structure where wave (w) ended at 41.66, wave (x) ended at 40.41, wave (y) ended at 43.46, second wave (x) ended at 41.72, and wave (z) is in progress towards 44.35 – 44.98 area to complete wave (w). Once wave (w) is complete, oil should pullback in wave (x) to correct 11/21 cycle in 3, 7, or 11 swing before higher again. As far as pivot at 39 is

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