Mar 01 2018

Elliot Wave count – Crude Oil(NYMEX)

Technical View:-

On a daily chart of Crude Oil  (NYMEX), Elliot wave count is seen by  fulfilling all its technical assumptions, like the 3rd wave is the longest of all in the whole wave count and the Wave 4 is not overlapping with the price territory of wave 1. The very 1st wave had started its origin on 22 June 2017 from $42.49 level and completed the 5th wave at $66.62 on 25 January 2018, with an ABC reversal pattern. In the current scenario the oil is trading in the “C” wave of ABC reversal pattern which is likely to fall at around sub $55.50 mark. Before the completion of “C” wave an immediate support is lying at around $59.50 mark. According to that one can go short/sell in crude oil(NYMEX) for the targets of $59.50, $58.15 and $55.20.