CRUDE OIL TECHNICAL OVERVIEW

Hello traders!!!

Hear I am representing some charts of your favorite commodity Crude Oil which are researched based on elliot’s wave theory, after reading this article you will get the probable market position and it will defiantly help you to trade in Crude Oil for upcoming few months

I used the term probable as nobody can predict the market activity in advance, nobody can guaranty you for any forecasting regarding the market activity

Trading is the business of probabilities, so engage only in those trades  which have very high degree of success opportunity based on trading structure.

Hear is the technical analysis of Crude Oil, let’s have a look  

As per the theory price trade into the direction of trend unfolding five waves, as per this chart five waves have already been completed.

Remember if the last low(probable end of fifth wave) break in upcoming days than we can say that  there is still down side in crude left up to the another price objective where wave 5 may end but even after that this analysis will help you trading in Crude Oil.

A head and shoulder pattern in any graph can be consider as a bearish signal, it indicates the possible reversal from the current uptrend, 

On the other hand very nice diversion between price and RSI have been seen in the chart that indicates 5th wave has been completed and price will continue to trending up
In such kind of cases we should wait for the another trading signal where one of these two probability will rejected by the market.

Once five will complete there must be a three waves structure against the big bear trend and it can reverse up to 40-60% of the last low of fifth wave..