Elliott Wave Analysis: Big Complex Correction On Crude OIL Looks Completed; Higher Prices Could Already Be Here
Sharp reversal to the upside on the Crude Oil gives us an idea about a completed three wave correction in wave B) or 2). If that is the case then recent strong upward action is a sign of stronger prices to follow into wave C) or 3). We could now expect a five wave move to develop in the mentioned wave.
Crude OIL, Daily
On the 4h chart, we can see that Crude oil is making a strong rise, so we are wondering if maybe a big flat correction in wave B)/2) as mentioned above is already finished at 42.80 after that strong leg up the previous week to the 50 level. For now, however it can be too soon for a bullish call if we consider that rise from 42.80 is still in three waves, so we need to see a rise back to 53.00 before we can make sure that current leg up from 44.73 is strong; in that case wave 3). Any turn back to 46.00 could suggest that energy will stay trapped in a much bigger consolidation.
Crude OIL, 4h
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