FX.co ★ CL/Crude Oil

In the oil commodity market (#CL), when looking at the lower wave level of the H1 chart, a complex multi-timeframe analysis paints the following picture. According to the Elliott Wave Analysis (EWA) theory, the MACD histogram readings, and the positioning of exponential moving averages (MA Smoothed) with periods of 55, 89, and 144, the most probable scenario is the formation of an ascending impulse. Within this scenario, a significant third wave is expected to develop. As an alternative, the possibility of a triangle formation, indicated by the red lines, is being considered.