Oil (CL_F) selling the rallies at the blue box area
|In this technical article we’re going to take a quick look at the Elliott Wave charts of OIL Futures CL_F published in members area of the website. As our members know the commodity has been showing incomplete sequences in the cycle from the 94.63 peak. Recently OIL has given us the recovery that reached our selling zone. The commodity found sellers right at the Blue Box area and made the decline as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.
Oil Elliott Wave four-hour chart 10.05.2024
The commodity is giving us clear 3 waves correction , forming Elliott Wave Zig Zag Pattern. The price has already reached the extreme zone at 74.35-78.91 (Blue Box – sellers zone). We don’t recommend buying OIL and prefer the short side from the blue box zone. As the main trend is bearish, we expect to see at least 3 waves pullback from our selling zone. Once the decline reaches 50 Fibs against the (b) blue low, we will make the short position risk-free (put SL at BE) and take partial profits.
Quick reminder:
Our charts are easy to trade and understand:
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.
Oil Elliott Wave four-hour chart 10.17.2024
The commodity found sellers at the Blue Box area: 74.35-78.91. We are receiving a good reaction from the selling zone. The decline made has reached and exceeded 50 Fibs against the (b) blued low. So, members who took the short trade are currently enjoying profits in risk-free positions.
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