Crude Oil Elliott Wave Idea

Small timeframe idea for oil.

Could be ABC or wave 3 completing at $3990...a break above $40,86 could lead to a new high above $41,62 or be part of a more complex correction such as WXY or WXYXZ, a break below $39,90 could lead to a new low toward $39,50 for wave 5

Commento:

That happened quickly...Nice divergence was there to kick start it.

Couple of options from here I think are possible:

Scenario 1, 5 waves is completed or near completion and correction towards mid $40's or $41 for wave 2 or B before another leg down >

Scenario 2, wave 2 or B is already completed with a slightly different initial count and we're in sub waves of wave 3 or C already, a break above $40,56 would invalidate this count >

Commento:

Looks like scenario 2 played out

Commento:

Small bounce from 2.618, maybe a wave 3 completing