Crude Oil Is Recovering Slowly, and Steadily – Elliott Wave Analysis
On energy we see price recovering in an impulsive manner, ideally unfolding a bigger three-wave reversal. With current rally from the 42.46 level comes an indication that a low had been put in place for a former higher degree wave A and that a bigger black wave B correction can be in the making. In such case, a five-wave rally for sub-wave A of B can now be in development which can later look for resistance and a turn into a minor sub-wave B correction at the 53.74 level (level of a former wave 4) and area of a Fibonacci projection ratio of 261.8, which can also react as a turning point. Once we see a five-wave recovery for wave A, and a drop from the mentioned zone (53.74 area), that is when a minor pullback will be in progress.
Crude oil, 4h
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