Elliott Wave Analysis On Crude OIL And USDJPY
Crude oil fell nicely yesterday, into a new impulsive pattern from 46.50 swing high, that we see it as wave C)/3) that belongs to a bigger bearish correction. Well, we need five sub-waves down from 46.50 so more weakness is now expected towards 42.97 and then even to 41/42 zone where bearish price may come to an end.
Crude OIL, 1H
USDJPY made three waves of recovery from September low so it’s a contra-trend move that puts price back in bearish mode, at least for a short-term. We are looking at wave C of D) that can drop to around 101.00 area in days ahead.
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