Elliott Forecast - Elliott Wave View on Light Crude Oil (CL) Favoring More Downside

Report

Elliott Forecast

Eric Morera

Elliott Wave View on Light Crude Oil (CL) Favoring More Downside

Short Term Elliott Wave in Oil (CL) suggests the decline from 8.13.2024 high is unfolding as a 5 waves impulse. Down from 8.13.2024 high, wave (i) ended at 76.83 and rally in wave (ii) ended at 78.6. The commodity extended lower in wave (iii) towards 72.89 and rally in wave (iv) ended at 74.16. Final leg wave (v) ended at 71.46 which completed wave ((i)) in higher degree. Oil then turned higher in wave ((ii)) with internal subdivision as a zigzag Elliott Wave structure. Up from wave ((i)), wave (a) ended at 73.52 and wave (b) ended at 72.81. Wave (c) higher ended at 77.58 which completed wave ((ii)) in higher degree.

Oil extended lower in wave ((iii)). Down from wave ((ii)), wave i ended at 73.82 and rally in wave ii ended at 76.91. It then extended lower in wave iii towards 69.19 and wave iv rally ended at 71.46. Expect Oil to end wave v soon which should complete wave (i) in higher degree. Afterwards, it should rally in wave (ii) to correct cycle from 8.26.2024 high before it resumes lower. Near term, as far as pivot at 77.58 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.

Light Crude Oil (CL) 60 Minutes Elliott Wave Chart

CL Elliott Wave Video
/HPfnELIjw0c
Source:-forecast.com/news/elliott-wave-view-light-crude-oil-cl-favoring-downside/

05/09/2024 1 EN

Provider

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.

See profile

Analysts

Eric Morera

Other Reports from Elliott Forecast

Eric Morera

Eric Morera

Will Berkshire Hathaway (BRK.B) Continue Rally Or Correcting Soon?

Berkshire Hathaway Inc., (BRK.B) is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. It operates as Insurance as major operations along with subsidiaries operate in diverse sectors such as confectionery, retail, railroads, home furnishings, machinery, jewelry, apparel, electrical power & natural gas distribution. It trades as “BRK.B” ticker at NYSE & comes under Financial services sector. Since March-2020 low, it favors upside in weekly bullish sequence & favors I of (III), while placed (II) at $259.85 low. Above October-2022 low, it fa...

9h / 21m 9h / 21m 2 EN

Eric Morera

Eric Morera

AT&T Inc. (T) Reacted from the Blue Box and Rally Must Continue

AT&T Inc. (T) is an American multinational telecommunications holding company headquartered in Dallas, Texas. It is the world’s largest telecommunications company by revenue and the third-largest provider of mobile telephone services in the U.S. AT&T (T) Monthly Chart April 2024 AT&T (T) Monthly Chart April 2024 Above we have montly chart from 5 months ago. We can see that AT&T shares finished an all-time high with a price of $45.23 as wave ((I)). Since the beginning of 1999, the value held a downtrend and we were looking to end this correction. Using the ...

9h / 36m 9h / 36m 3 EN

Eric Morera

Eric Morera

Elliott Wave View on Gold Miners ETF (GDX) Expects Continuation of Bullish Trend

Short term Elliott Wave view on Gold Miners ETF (GDX) suggests that decline to 33.86 ended wave (4). The ETF has turned higher in wave (5). Internal subdivision of wave (5) is unfolding as a 5 waves impulse Elliott Wave structure. Up from wave (4), wave ((i)) ended at 36.25 and dips in wave ((ii)) ended at 34.54. The Index extended higher in wave ((iii)) towards 38.08 and pullback in wave ((iv)) ended at 36.56. Final leg wave ((v)) ended at 39.97 which completed wave 1 in higher degree. The ETF then pullback in wave 2 with internal subdivision as a zigzag Elliott Wave structure. Down from w...

September 13, 2024 September 13, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Elliott Wave View on Light Crude Oil (CL) Favoring More Downside

Will Berkshire Hathaway (BRK.B) Continue Rally Or Correcting Soon?

AT&T Inc. (T) Reacted from the Blue Box and Rally Must Continue

Elliott Wave View on Gold Miners ETF (GDX) Expects Continuation of Bullish Trend

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe