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Students Crude Oil (CL_F) looking for buying area

Discussion in 'Employment and Students' started by joeclark, Aug 19, 2017.

  1. joeclark

    joeclark Junior Member

    Short term Elliottwave view in Crude Oil (CL_F) suggests that the instrument is currently correcting cycle from 11/14/2016 low (42.21) in 3, 7, or 11 swing before the next leg higher. The decline starting from 2/23 high (54.94) is unfolding as a double three Elliottwave structure where wave ((w)) ended at 52.54 and wave ((x)) ended at 53.80. Crude Oil should bounce in wave (y) of ((y)) before turning lower again towards as low as 49.34 - 50.41 area , Provided that pivot at 53.8 high remains intact. We do not like the proposed pullback and expect the next buying area of 49.34 - 50.41 to find buyers dip for the next leg higher or at least 3 waves bounce.


    I did not find the right solution from the internet.

    References: https://stockaholics.net/threads/the-stockaholics-chart-of-the-day-thread.4114/

    ERM video

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