Crude Oil Futures: B or not B

5 ธ.ค. 2021Crude oil futures got what looks like a local low and is starting to bounce. The next question to answer is this a (B) wave or start of a new impulse. Unfortunately, if it is a B-wave, it is within a larger 4th wave. Both the (B)-wave and 4th wave have the most variability of any of any of the degrees. B-waves can also extend up to the 1.236*A, which would put it all the way up to 91.97 and it could technically still be a corrective move up.

The best way to play this is to wait for a 5wave move up, followed by a 3wave retrace that holds the previous low.

In the bottom panel, the stochastic indicators calculated from different timeframes are looking like they bottomed using the 1, 2 and 3D timescales. Bold arrows mark other instances this has happened and it has led to quite a nice bounce.

The redline projection is for inflection points based on the shapes of the stochastics at different timeframes. It looks for turning points and not price.