Crude Oil Elliott Wave Idea
I was asked in the last chart what my views were on larger timeframe so here it is.
There are many alternatives for bullish and bearish from here but I think it's possible we're in subwave 4 (green waves) of wave 3 (purple waves) with purple wave 3 hitting the 1.618 extension of wave 1 around $82 to $83 (the .618 extension for green wave 5 is also at this level).
Some details of purple wave 3 can be found here >
If you look at purple wave 2 you can see it bounced exactly at the .382 level then up to current levels.
Details on purple wave 2 below, some nice Fibonacci levels within that WXY made up of ABC legs.
There are many alternatives for bullish and bearish from here but I think it's possible we're in subwave 4 (green waves) of wave 3 (purple waves) with purple wave 3 hitting the 1.618 extension of wave 1 around $82 to $83 (the .618 extension for green wave 5 is also at this level).
Some details of purple wave 3 can be found here >
If you look at purple wave 2 you can see it bounced exactly at the .382 level then up to current levels.
Details on purple wave 2 below, some nice Fibonacci levels within that WXY made up of ABC legs.
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