Elliott Wave Analysis: Crude OIL Indicates More Gains In View; 54/55 Area May Be Ideally Reached
Crude oil is trading nicely to the upside for the last four months and it appears that market will move even higher in days ahead since we see just another minor correction around 50 level. As such, market can make a new leg up to around 54-55 area for blue wave three circled as labeled on the daily chart, so for now we stay bullish as long as 42.52 level is not breached.
Crude OIL, Daily
On the lower time frames, latest pattern on crude oil suggests that bulls will stay in play as first part of decline down from 50.21 has a three wave structure so it belongs to a bigger corrective pattern, ideally of a triangle we see it in wave 4) within ongoing bullish impulse. An updated wave count shows room for wave 5) towards 52 or maybe even 53 target, while price is above 46.80.
Crude OIL, 4H
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