Elliott Wave Analysis On 10Year US Notes And Crude OIL
Elliott Wave Analysis On 10Year US Notes And Crude OIL
10 Year US Notes
10 year US notes fell to a new low after completing a three wave rally at 132.51 level. Notice that low was hit at 130.20 nearly 24 hours back, from where market turned strongly to the upside. It looks like an impulsive reaction that belongs to a bigger three wave recovery that can take 10 year notes back to 131.50 as shown on 4h chart. So for now, we expect a three wave rally minimum, and could turn bearish again after visible completed recovery.
10 Year US Notes, 4H
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Crude OIL
Crude oil turned into a strong bullish mode in September which looks like an impulsive price move on the 4h chart. The reason is an extended and sharp leg from 44.14 to 51.50 it looks like wave 3 of an impulsive structure. If that’s true then we know that market is in new bullish phase so uptrend should continue after wave 4 pullback. Fourth waves are corrective waves that will normally retrace for 38.2% compared to wave 3, which in our case comes in at 49.00 area, so we think this region can be hit before price turn up for wave 5. Invalidation level is at 46.52; as long this swing high of wave 1 is not reached we are bullish.
Crude OIL, 4H
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