The Elliott Wave charts of Oil have been carefully analyzed in the members’ area of the website. The analysis indicates bullish sequences in the cycle from the 67.75 low, suggesting a favorable outlook for the long side. Traders are recommended to consider buying the dips in 3, 7, 11 swings when given the opportunity. However, the short-term cycle from the April 12th peak shows incomplete sequences, hinting at potential downside in the near future.
Looking at the 1-hour chart of Oil, it is evident that there are incomplete sequences in the cycle from the April 12th peak. The price structure indicates the likelihood of further downside as long as the 86.3 pivot holds. The current view proposes the completion of a wave ((x)) connector in an Elliott Wave Zig Zag Pattern. The strategy does not involve selling; rather, it recommends waiting for the price to reach an extreme zone before considering buying the commodity again.
As of the most recent analysis, Oil has completed a 3 waves correction as ((x)) black, leading to a decline towards new lows as anticipated. The price is now projected to move towards the target area of 80.19-76.42, where traders are advised to consider being buyers once again. The recommendation remains focused on the long side from the mentioned extreme zone, emphasizing a cautious approach towards trading Oil.
The Elliott Wave analysis of Oil provides key insights into the potential market movements ahead. While bullish sequences are identified in the overall cycle, short-term fluctuations may lead to temporary downside movements. Traders should exercise patience and wait for the price to hit extreme zones before making buying decisions. By following the recommended strategies and remaining vigilant of market trends, traders can navigate the complexities of Oil trading effectively.