CrudeOil Technical Strategy: Hold before buy Elliottwave Count: Either Running flat on w-x-y or wave (c) already kicked off
Analysis CrudeOil (CL) is stuck on complex correction cycle after reversed from 26.17 level to 51.65. Current market is difficult to judge as dollar index is bullish while trader are speculating on OPEC. This makes us to consider current cycle as a complex correction and putting sequence of w-x-y labels. However, considering our basic principal of K.I.S.S (Keep It Simple & Straight), this count is having a very less confident factor and that suggest us to have bullish on CrudeOil as it possibly in Wave (C) and target above 64.00.
A break of 52.00 will confirm that our primary scenario of sequence of w-x-y is not correct and we need to adopt bullish view. While break of 46.00 will support our temporary bearish view. We need to give more time to get clear picture on this instrument.
Action As we are on two opposite scenario with having not solid confidence on either one. We choose to be on hold. However, we still have one small position planned.