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Crude Oil: A Pullback Awaits

Published 10/15/2021, 06:02 AM
Updated 07/09/2023, 06:31 AM

Energy markets are higher, but crude oil prices remain in a wedge.

Traders should be wary of an upcoming resistance and a pullback if the price breaks through the trendline support.

Crude oil is trading near highs in the 4-hour chart, completing a projected ending diagonal pattern within wave 3.

A pullback into wave 4 is around the corner before another push towards wave 5.

Any sell-off back to $70 would signal a completed 5th wave, labeled as 'ALT' on the chart.

Oil 4-hour Elliott Wave analysis chart.

Latest comments

no, actually Will not, as you can see 3 following week with oil stock piles build reports shoud make it happen a big Pullback and it dont, 19th oil contract close and after that even with more oil stock piles build reports Next tuesday and wednesday investors Will buy more on the new december contract
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