Long Term Crude Oil Price Pattern Nears Terminal Point

The Elliott Wave forecast for crude oil prices show a mature up trend and that a significant portion of the previous two year up trend may be retraced.

Crude Oil Elliott Wave Talking Points:

  • Weekly crude oil chart shows price nearing the end of a two year long wave
  • Anticipating a bearish reversal to retrace a significant portion of the 2016-2018 up trend
  • Crude oil chart shows wave relationships in the $71-$74 price area as a potential reversal zone

The crude oil Elliott Wave analysis on the weekly price chart shows a bearish pivot may be occurring near current levels to retrace a significant portion of the previous two-year uptrend.

On a weekly crude oil price chart, the Elliott Wave pattern we are following is that the current rise from the 2016 is a wave 4. We are showing this fourth wave as subdividing as a double zigzag pattern labeled W-X-Y. This pattern in general is a bearish pattern and suggests a deep correction may be on the horizon for crude oil prices.

An Elliott Wave double zigzag pattern is simply two zigzags joined together by another corrective pattern labeled ‘X’. In this case, the ‘X’ wave is

Article source: https://www.dailyfx.com/forex/technical/elliott_wave/oil/2018/05/11/long-term-top-nearby.html?DFXfeeds=forex:technical:elliott_wave:oil