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Elliott Wave Analysis: Crude Oil Looking Up; Setbacks May Follow

Published 04/07/2017, 03:58 AM
Updated 07/09/2023, 06:31 AM

Crude oil is turning sharply up from 47.05 level where we see a low in place following recently completed five wave decline in wave C). Notice that market turned up very strongly, back above $52 per barrel with impulsive price structure which means that more upside is coming this month ideally above 57.00 region.

That said we are looking at wave 1 or A being made, with a potential resistance region around the upper trend line, which may slow bulls down. If that happens a new three wave contratrend reaction may follow within the second wave 2 or B. Support for the mentioned setback can later be around the 49.85/50.75 zone.

Crude OIL, 4H
Oil 4-Hour Chart

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