Here a simpla way to understand the actual behavior of the crude
Under this elliott wave theory of mine, base in 4 clear and simple impulses to figure out the oil rally:
The first 2 are upside impulses conected by a clear expanded flat which form together a zigzag
Then other 2 impulses pointing to the down side
here the history is a bit different because i do not think they form part of the same degree of structure
in first place Im more inclined to think the first impulse is the start of a bigger impulse and therefore more in favor of a 1 of a bigger impulse than an A wave of a down zigzag (but cant be ruled out as far as now).
given we have a upside structure before the last upside completed impulse that seems corrective, and the last completed impulse did not get lower lows I assume this is part of another corrective pattern, perhaps a zigzag, formed by a small impulse to the up side, followed by what seems to be a triangle correction and now a undergoing upside impulse ( yesterday rally form probably a 3rd wave inside it).
Therefore I can expect the upside movement do not go beyond 110.56 and then fall for an expanded period of time to get even lower than 75 level
Under this elliott wave theory of mine, base in 4 clear and simple impulses to figure out the oil rally:
The first 2 are upside impulses conected by a clear expanded flat which form together a zigzag
Then other 2 impulses pointing to the down side
here the history is a bit different because i do not think they form part of the same degree of structure
in first place Im more inclined to think the first impulse is the start of a bigger impulse and therefore more in favor of a 1 of a bigger impulse than an A wave of a down zigzag (but cant be ruled out as far as now).
given we have a upside structure before the last upside completed impulse that seems corrective, and the last completed impulse did not get lower lows I assume this is part of another corrective pattern, perhaps a zigzag, formed by a small impulse to the up side, followed by what seems to be a triangle correction and now a undergoing upside impulse ( yesterday rally form probably a 3rd wave inside it).
Therefore I can expect the upside movement do not go beyond 110.56 and then fall for an expanded period of time to get even lower than 75 level