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Crude Oil Price May Have Turned Down for Good!

Commodities / Crude Oil Jun 20, 2018 - 07:20 AM GMT

By: Enda_Glynn

Commodities

Hi everyone,
Hope the day went well for you.

Tomorrow,
the big three central bank heads,
will open their mouths and potentially cause havoc!

I am on record with my recommendations for how central bank chair persons should be treated when entering office.


heres the short form;
I think they should be bound and gagged for the duration of their tenure.
And be kept away from the public eye completely.
The position is too damn powerful to be out there chin-wagging all the time!

Anyway,
I have sent my recommendations to the relevant government rep's.
But so far,
I have not heard anything back.

Be aware that traders could get trigger fingers tomorrow,
The action could get choppy!

Lets get into the action.

UPCOMING RISK EVENTS:

USD: Fed Chair Powell Speaks, Crude Oil Inventories.
EUR: ECB President Draghi Speaks.
GBP: N/A.
JPY: BOJ Gov Kuroda Speaks.

My Bias: topping in a large correction wave [4].
Wave Structure: Double combination higher in wave [4] red now complete.
Long term wave count: wave [5] target $20

Crude is continuing along the path suggested by the short term wave count.
The price has declined off the wave 'a' high in a corrective manner today.
Wave 'b' black is likely complete at the session low of 64.39.
And wave 'c' black should now carry higher,
To a minimum target above the wave 'a' high of 65.98.

Wave 'ii' must complete below 67.16 the previous wave (ii) high.

Tomorrow;
Watch for wave 'c' of 'ii' to complete a three wave corrective elliott wave pattern with a minimum target to 66.00.

Since calling the highs in late may in this article - CRUDE oil on a cliff edge, waiting for a nudge!

CRUDE has dropped over 800 points!

If you want to be ready for the next big move in CRUDE,

Check out the MEMBERSHIP OFFERS,

And keep on top of the daily action.

Enda Glynn
http://bullwaves.org
I am an Elliott wave trader,
I have studied and traded using Elliott wave analysis as the backbone of my approach to markets for the last 10 years.
I take a top down approach to market analysis
starting at the daily time frame all the way down to the 30 minute time frame.

© 2018 Copyright Enda Glynn - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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