Crude oil and German BUND Look – Elliott wave analysis
Crude oil extended its drop, down from 33.0 swing high, and fully unfolded a fifth wave of 3. Afterwards we have seen a new rally in minor five waves labelled as sub-wave A), up from the lows, which is a suggestion that a correction of a higher degree can be in play; wave 4. At the moment price is turning even higher from the lows, so looks like sub-wave B) is completed and sub-wave C) underway, targeting 23.0 first possible resistance, or higher at 33.2 level.
Crude oil, 4h
A bigger, five-wave recovery on BUND which started in 2018 can be over, as price started sharply turning lower from the highs. A sharp drop in five waves of a lesser degree can be first evidence of a top in place, and that a three-wave reversal is underway. That said, we labelled a completed a/I, and a temporary wave b/II underway, with possible resistance at the 176.0/177.0 zone.
German BUND, daily
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