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How a simple Elliott wave count in Crude oil, called 400 points in 2 weeks!
- And there's more to come.......
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Three weeks ago, I issued this chart for Crude oil to subscribers,
It introduced a very viable bullish alternate wave count for crude,
along with a possible upper target at $70 if the wave count proved correct.
The chart shows a corrective rally in three waves circled in red, the price was on the verge of accelerating into wave 'C'.
The price stood at 52.24, and the trigger point was close at hand!
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On the 25th of Oct,
The nightly analysis warned that crude was approaching the bullish confirmation point!
This chart showed the trigger point for the bullish count at $53.11.
The price stood at 52.25 and I said;
"After today's sideways action in crude oil,
I am tending to lean in favor of the bullish alternate wave count which I outlined over the last week.
The price action is actually creating a bullish price compression in a possible series of 1,2 waves to the upside off the recent low.
A break above 53.11 will trigger the bullish alternate wave count."
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On the 26th of October I switched to the alternate wave count,
I was all in for a corrective rally in wave 'C' of [4],
The upper target was set at $70 and the price structure was on the verge of a rally in wave (iii) of [iii].
I wrote:
On the 4hr chart the price structure has possibly completed wave 1,2 in blue and wave [i], [ii] in brown.
with wave [iii] on the verge of starting.
53.11 is the pivitol level from this point on,
I now expect this level to be broken soon as wave [iii] brown gets underway.
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The price broke the $53.11 trigger point the next day,
And from then on Crude has been unstoppable!
The price has racked up a 400 point rally in just under 2 weeks!
and the outlook is for much more to come as wave [4] completes over the next month.
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In this case,
- A simple Elliott wave count,
- with a clear trigger point,
Offered the opportunity to ride the trend higher.
This trend is now well underway and should unfold as a clear impulsive 5 wave structure over the coming month.
But the opportunity does not end there!
There are Elliott wave opportunities developing right now in the markets I follow.
Elliott wave analysis will give you an edge that no other form of analysis can offer.
Don't miss the next opportunity!
Check out the membership offers,
and get ready for the next big market move!
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