Last night I spoke of a possible bearish Elliott wave signal in place off the high.
Todays market hit an air pocket right at the open!
Crude had a wild day today!
The whipsaw action is best viewed as an ongoing expanded flat correction wave [iv] brown as shown.
I mentioned before that these types of air pockets are not a sign of health in any market.
It shows hesitation and disbelief,
even as the price may inch higher in following sessions.
Three weeks ago, I issued this chart for Crude oil to subscribers,
It introduced a bullish alternate wave count for crude,
along with a possible upper target at $70 if the wave count proved correct.
Crude had another good day today.
Wave (v) was projected to 56.46, but has carried higher than expected.
With the price up about about 200 points into the highs.
the initial target for wave (iv) was at support of 53.94.
Todays low reached 53.89 and the price has risen off that level into the close.
The structure should be complete by Friday,
Which suggests next week will bring another impressive rally in wave (v) for crude.
The price again pushed higher this afternoon, labelled wave ‘v’ pink.
it is possible that wave ‘v’ pink is complete at todays high,