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Elliott Forecast

Elliott Wave Outlook Suggests Oil (CL) Should Continue Higher

January 20, 2023 By

Oil shows a bullish sequence from 12.10.2022 low favoring further upside. Rally from there is unfolding as a . Up from 12.10.2022 low, wave 1 ended at 81.50 and pullback in wave 2 ended at 72.46. Internal subdivision of wave 2 took the form of a zigzag structure as the chart below shows. Down from wave 1, wave ((a)) ended at 76.6, wave ((b)) ended at 77.42, and wave ((c)) ended at 72.46. This completed wave 2 in higher degree. Wave 3 higher is in progress with internal subdivision as another impulse in lesser degree.

Up from wave 2, wave (i) ended at 74.91 and dips in wave (ii) ended at 73.25. Oil then extends higher in wave (iii) towards 81.23, and dips in wave (iv) ended at 79.25. Final leg higher wave (v) ended at 82.38 which completed wave ((i)). Wave ((ii)) pullback is in progress with internal subdivision as a zigzag structure. Down from wave ((i)), wave (a) ended at 78.13. Expect a wave (b) rally followed by another turn lower in wave (c) to complete wave ((ii)) before the rally in Oil resumes.

Oil 90 Minutes Elliott Wave Chart

Oil (CL) Elliott Wave Video

Source:-forecast.com/news/elliott-wave-outlook-suggests-oil-cl-continue-higher/

#elliottwave #trading #OIL

20/01/2023 1 EN

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Elliott Forecast

Elliott Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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