Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of OIL . As our members know, OIL is having bearish sequences in the cycle from the 123.8 peak. Current view is calling for further weakness against the 101.9 pivot in first degree. Recently the commodity has given us nice 3 waves bounce which found sellers right at equal legs area as we expected. In the further text we are going to explain the Elliott Wave Forecast
OIL H1 Elliott Wave Analysis 08.11.2022
OIL is correcting the short term cycle from the 101.8 peak. Recovery has reached extremes from the lows, equal legs area at :93.42-96.94. As the commodity is currently in bearish cycle, we expect sellers to appear at the marked zone for further decline toward new lows or for a 3 waves pull back at least . Another marginal push up still can be seen within proposed area before decline takes place.
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OIL H1 Elliott Wave Analysis 08.12.2022
OIL made nice reaction from the equal legs zone. We count wave ((iv)) recovery completed at 95.04 high. As far as the price stays below that level we expect further decline in the price of commodity. We would like to see further separation lower from the current high, expecting decline toward new lows ideally.
OIL H1 Elliott Wave Analysis 08.15.2022
Wave ((iv)) peak held nicely and OIL made the decline as expected. The price is approaching previous low and we would like to see break of that level : 08/05 low – ((iii)) black, to confirm next leg down is in progress. Next important technical area to the downside comes at 85.01-81.92
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.
Elliott Wave Forecast
Source: https://elliottwave-forecast.com/commodities/oil-cl_f-elliott-wave-decline-equal-legs/