Jump to content

WTI Crude Oil Commodity Elliott Wave Technical Analysis


Recommended Posts

WTI Elliott wave analysis 
Function - Counter-trend 
Mode - Corrective 
Structure - Impulse for wave 1
Position - Wave 2
Direction - Wave 2 is still in play
Details - Wave a of 2 appears to be close to completion. We could see a deeper pullback for wave b of 2 in the coming days against 72.47. 
 
Crude Oil Elliott Wave Analysis
Crude oil prices have been rising in June following a two-month sell-off that resulted in a 17% decline. The current recovery is expected to continue higher but is likely to be capped below the April 2024 highs before turning lower. It's important to note that crude oil has been undergoing a long-term bearish correction since March 2022, which appears to be ongoing.
 
Daily Chart Analysis:
The daily chart depicts the bearish corrective cycle from March 2022 (130.9), which is evolving as a double zigzag pattern, labeled as wave W-X-Y (circled in navy blue) of the primary degree. The primary degree wave W (circled) concluded at 64.56 in March 2023 after a 360-day, 50% decline, forming a double zigzag structure. The subsequent wave X recovery began in March 2023 and ended at 95 in September 2023 with a flat structure. Consequently, wave Y started in September 2023, also developing into a zigzag pattern, with an impulse wave (A) ending at 67.81 in December 2023. The recovery wave (B) then completed with a double zigzag at 87.63 in April 2024.
Wave (C) is anticipated to be an impulse wave and is expected to decline much lower than 67.81 in the coming months. Wave 1 of (5) ended at 72.47 with an impulse, and the current recovery for wave 2 is still unfolding.
Commodities24.thumb.png.a899351f80388d84d292dd4f4fc8c916.png
 
H4 Chart Analysis:
The H4 chart indicates that wave 2 has not yet finished and could reach higher prices in the 80s region in the next few weeks. Currently, wave 2 appears to be completing its first leg, wave a (circled). After this, a pullback is expected for wave b (circled), which should stay above 72.47 before the final leg to complete wave 2 in the 80s region.
Unless there is a breach above 87.63, the medium-term direction is expected to be downwards after the wave 2 corrective bounce.
Commodities24(1).thumb.png.b3bc43574e241c7ce9eda33eb4b12ad1.png
 
Summary:
Crude oil prices are experiencing a recovery in June after a significant decline. The current recovery is anticipated to continue but is likely to be capped below the April 2024 highs. The long-term bearish correction that started in March 2022 appears to be ongoing. On the daily chart, the bearish corrective cycle is forming a double zigzag pattern, with wave Y currently in progress. The H4 chart suggests that wave 2 is nearing completion and could reach the 80s region. After this corrective bounce, the medium-term outlook remains bearish unless the price breaches 87.63.
Traders should monitor the key levels of 87.63 and 72.47 to identify potential entry and exit points, as well as to confirm the continuation of the bearish trend after the wave 2 correction.
 
Technical Analyst : Sanmi Adeagbo
Source : Tradinglounge.com get trial here!
 
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Cocoa Elliott Wave Technical Analysis Function - Counter-trend Mode - Corrective Structure - Emerging Zigzag Position - Navy blue wave ‘c’ Direction - Navy blue wave ‘c’ is still in play Details -  Prices breached 8626 to confirm the progress of wave c (circled). Further sell-off is expected toward 5,000. Wave (ii) appears to be resisted below 9,000. Thus, wave (iii) downside is favored. The current movements in the cocoa market illustrate a clear downward trend. Cocoa is approaching the lows seen in May 2024, continuing its fall from the record high reached on April 19, 2024, at 11,722. Since that peak, the commodity has dropped by 30%. This downtrend is anticipated to continue, potentially bringing prices down to the 5,000 mark in the upcoming weeks.   Daily Chart Analysis A close analysis of the daily chart shows that cocoa completed a significant bullish impulse wave cycle starting in September 2022, when prices were around 2,000. By April 2024, this impulse wave had increased prices by over 430%, reaching the all-time high. According to Elliott Wave theory, impulse waves are usually followed by a three-wave corrective structure. The current decline from the all-time high is thus seen as a corrective phase, expected to develop in an a-b-c wave pattern.   In this scenario, waves a and b (circled) have already finished, and the price is currently in wave c. Projections suggest that wave c will likely extend to 5,000 or lower before the bullish trend potentially resumes. This expected decline is consistent with the typical behavior of corrective waves following an impulsive move.     H4 Chart Analysis The H4 chart offers a closer view of the sub-waves within this decline, showing a potential 5-3-5 corrective structure. In this structure, wave c is currently in its 2nd sub-wave, wave (ii), which seems to have completed below the 9,000 mark. The price is expected to break below the 7,000 level to continue its decline towards the 5,000 target. However, any further extension higher for wave (ii) should be limited below the 10,323 high, preserving the integrity of the corrective pattern.     Summary In summary, the Elliott Wave analysis indicates that cocoa is in the midst of a substantial corrective phase following its all-time high in April 2024. The key levels to monitor include the 9,000 mark, which wave (ii) has already dropped below, and the 7,000 level, which could indicate the continuation of the decline. The ultimate target for wave c is projected around the 5,000 mark, aligning with the typical behavior of corrective waves. This analysis highlights the importance of closely observing wave structures and key price levels to predict future movements in the cocoa market, offering valuable insights for both short-term and long-term trading strategies. Technical Analyst : Sanmi Adeagbo  Source : Tradinglounge.com get trial here!  
    • V Elliott Wave Analysis Trading Lounge Daily Chart, Visa Inc., (V) Daily Chart V Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive   STRUCTURE: Motive POSITION: Wave 1 DIRECTION: Upside in wave 1.   DETAILS: Looking for a bottom in wave (4) in place, after what seems to have been a clear three wave move that reached equality of C vs. A, very common target for wave C.   V Elliott Wave Analysis Trading Lounge 4Hr Chart, Visa Inc., (V) 4Hr Chart V Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive   STRUCTURE: Motive POSITION: Wave {i} of 1.   DIRECTION: Upside in wave {iii}.   DETAILS: Looking for a clear five wave move into Minor wave 1 to break 280$ and give us additional upside confirmation.   Welcome to our latest Elliott Wave analysis for Visa Inc. (V). This analysis provides an in-depth look at Visa's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on Visa's market behavior.   * V Elliott Wave Technical Analysis – Daily Chart* The daily chart suggests we are looking for a bottom in wave (4) to be in place, following what appears to be a clear three-wave corrective move. This move reached equality of wave C versus wave A, a common target for wave C. With wave (4) potentially complete, we anticipate the start of wave 1's upside movement.   * V Elliott Wave Technical Analysis – 4Hr Chart* The 4-hour chart indicates that we are looking for a clear five-wave move into Minor wave 1. Breaking above the $280 level will provide additional upside confirmation and signal the continuation of wave {iii} of 1. Traders should monitor the price action closely for this breakout to validate the bullish scenario.   Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!  
    • S&P/ASX 200 Elliott Wave Analysis Day Chart S&P/ASX 200 Elliott Wave Technical Analysis Trend Analysis Function: Trend Mode: Impulsive Structure: Gray wave 5 Position: Orange wave 1 Next Lower Degrees Direction: Orange wave 2 Analysis Details The S&P/ASX 200 Elliott Wave Analysis on the daily chart provides a technical overview of the Australian stock market index using Elliott Wave Theory. This analysis focuses on identifying the current market trend, which is classified as impulsive. An impulsive trend indicates that the market is in a strong, directional move, usually consisting of five waves moving in the primary direction of the trend. Current Wave Structure The current wave structure under observation is gray wave 5, which is the final wave in a sequence of five waves. This signifies the completion of a larger impulsive move. Within this structure, the position is at orange wave 1, suggesting that the market is at the beginning of a new impulsive phase following the completion of the gray wave 5. Next Lower Degree Direction The direction for the next lower degrees is indicated as orange wave 2. This implies that after the completion of orange wave 1, a corrective phase, orange wave 2, will follow before resuming the larger trend. The corrective phase in orange wave 2 is expected to temporarily move against the direction of the primary trend. Detailed Insights Details in the analysis highlight that gray wave 4 appears to be completed, and now gray wave 5 of 1 is in play. This indicates that the market has finished a corrective phase (gray wave 4) and has entered the final impulsive phase (gray wave 5) of the current sequence. The completion of gray wave 5 will mark the end of the larger impulsive move and the beginning of a new corrective or impulsive phase. Summary The S&P/ASX 200 daily chart analysis identifies the market as being in an impulsive trend, currently in gray wave 5, with the position at orange wave 1. The next anticipated phase is orange wave 2, which will follow the completion of orange wave 1. The analysis suggests that gray wave 4 is completed, and gray wave 5 of 1 is now in progress. This indicates the market is in the final stage of its current impulsive sequence before entering the next phase of movement.   S&P/ASX 200 Elliott Wave Analysis Weekly Chart S&P/ASX 200 Elliott Wave Technical Analysis Trend Analysis Function: Trend Mode: Impulsive Structure: Orange wave 1 Position: Navy blue wave 3 Next Lower Degrees Direction: Orange wave 2 Analysis Details The S&P/ASX 200 Elliott Wave Analysis on the weekly chart offers a technical view of the Australian stock market index using Elliott Wave Theory. This analysis shows the market in a trend function with an impulsive mode, indicating a strong directional movement generally consisting of five waves. Current Wave Structure The current wave structure identified is orange wave 1, suggesting the market is at the start of a new impulsive phase. The position within this structure is navy blue wave 3, the third wave in a larger impulsive movement. The third wave is typically the most robust and dynamic part of the Elliott Wave sequence. Next Lower Degree Direction The next lower degree direction is orange wave 2, expected to follow the completion of orange wave 1. Orange wave 2 represents a corrective phase, which usually moves against the primary trend direction before the larger impulsive movement resumes. Detailed Insights Orange wave 1 of 3 is currently nearing its end. Once orange wave 1 of 3 completes, the market is anticipated to enter orange wave 2 of 3, a corrective phase providing a temporary retracement in the market's upward trend before the next impulsive wave, orange wave 3 of 3, begins. Summary The S&P/ASX 200 is in an impulsive trend, currently in orange wave 1. The position is at navy blue wave 3, the third and often most dynamic wave in the sequence. The next phase is expected to be orange wave 2, following the near completion of orange wave 1 of 3. The analysis indicates the market is in the third wave of a larger impulsive sequence, and a corrective phase (orange wave 2 of 3) is anticipated before the next impulsive movement resumes.   Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!  
×
×
  • Create New...
us