Crude; More Will Be Revealed

Longer term price direction, and for me more importantly, clarity on the Elliott Wave count will become clearer over the next month .
For now, the count I am going with suggests a continuation of the move lower.
 1 yr.

 click to enlarge
Note the proliferation of abc structures (corrective) and equivalent legs.

5 day
Shorter term the structure down appears to be a 5 count, and that of course needs at least one more leg to the downside to complete even a corrective structure. It will be interesting to see how far north this bounce goes.

 The risk of trading futures and options can be substantial. Trading foreign exchange and energy derivatives carry a high degree of risk, and may not be suitable for all investors. 
The above is merely an abstract theoretical discussion mostly for my own entertainment, not trading advice or a recommendation.


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