As we examine the Elliott Wave charts of Oil recently published, it is evident that the commodity is displaying bullish sequences in the cycle from its recent low of 67.75. This indicates a favorable outlook for traders who are considering the long side of the market. It has been recommended for members to take advantage of buying opportunities during the 3, 7, and 11 swing dips.
Despite the overall positive trend, the short-term cycle from the peak on April 12th is showing incomplete sequences. This implies that there may be more downside potential in the near future. It is important for traders to be cautious and monitor the market closely for any potential changes in direction.
Looking at the Elliott Wave analysis of Oil on the 1-hour chart dated March 9, 2024, it is evident that the commodity is experiencing incomplete sequences since the peak on April 12th. The current price structure suggests a potential for further downside movements, as long as the pivot at 86.3 holds. The wave ((x)) connector is expected to complete as an Elliott Wave Zig Zag Pattern. Traders are advised to exercise patience and wait for the price to reach the extreme zone before considering buying opportunities.
On the 1-hour chart dated March 13, 2024, Oil has completed a 3-wave correction as ((x)) black, resulting in a decline towards new lows as anticipated. The price is now on track to reach the target area of 80.19-76.42, where traders are advised to consider re-entering the market as buyers. It is not recommended to sell the commodity at this point, as the preference is for long positions from the identified extreme zone.
The Elliott Wave analysis of Oil provides valuable insights into the current market trends and potential future movements. Traders are advised to conduct thorough research, exercise caution, and remain vigilant in order to make informed trading decisions based on the available information.
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