If you examine the daily chart of Crude Oil using the EMA-34, and some trend lines as a guide, it is possible that we have a top in Crude. Here is a chart.
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| WTI Crude Oil Futures - Daily - Possible Top |
The Elliott Wave Oscillator has a very characteristic converging triangle signature. It would be a "running triangle" in this case. The daily EMA-34 weaves through each of the triangle's waves for good form and balance, and the minute ((e)) wave overlaps Minor wave 3, as is required from a running triangle. Further, triangles 'usually', 'most-often' precede the last wave in the series, up, in this case, and that may be what happened here.
Validation of a likely top would occur if CL makes a 1.618 or more extension from the first wave down off the high, and if the minute ((e)) wave is exceeded lower.
Have a good day.
TraderJoe
I am a believer of the Top is in outlook.
ReplyDeleteimho amateur count is for phase 1 : WTI to $64-62; and Brent to $74 -72, possibly.
Many thanks for the count ;)
ReplyDeleteThank you ET! I'm waiting on weekly AO to roll. I'm thinking PPT kicked in this afternoon.
ReplyDelete