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TheDemonTrader

Short Setup for Wave 3 of 5 of C

Short
Futures Petrolio Greggio Leggero (NYMEX:CL1!)  
TheDemonTrader Aggiornato   
NYMEX:CL1!   Futures Petrolio Greggio Leggero
Fibonacci Elliott Wave Crude Oil elliottwaveprojection
5
0
fibonacci elliottwaves crudeoil elliottwaveprojection

I believe Crude Oil is in the midst of completing Wave 2 of 5 of C. My target for subwave Y of Wave 2 is at 68.11 area (Wave Y = 161.8% of Wave W). My justification for the target is base on the wave count for WXY of Wave 2 as shown below. Once Wave 2 is completed, I'm expecting a substantial fall for Wave 3. The target for Wave 3 is at around 54.17, which is the typical 161.8% of Wave 1.

snapshot

Disclaimer: These are just probabilities. It might go higher/lower than what I've forecasted.
Commento:
Invalidation point at 65.83 hit!
Commento:
Crude Oil broke 72.83. That had invalidated our bearish count. I'll reassess my count soon.
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