Elliott wave Analysis: Triangle Finished on Crude Oil; More Upside in View
Crude oil has recently fully unfolded a triangle correction in blue wave 4, which found support near the 67.00 area and from there broke higher. We can see a decisive break above the upper triangle line, which confirms a completed correction and more upside into wave 5, which can target area near the 76.81/81.00.
Crude oil, daily
Now regarding the 4h chart, where we see a new five-wave rally in play out of a triangle correction. We specifically see price unfolding a five-wave rise within wave 3), which can look for resistance and a new reversal near the Fibonacci ratio of 161.8. There we can also see the upper channel line, which can react as a resistance and push energy into a corrective wave 4).
Crude oil, 4h
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