Elliott Wave analysis: Crude oil eyes down to 60 level
|Crude oil is lower, firstly after the US announcement about the release of oil reserves, and now also on worries about the new covid variant, that can bring new lockdowns across the globe. As such, OPEC may take a cautious approach to oil demand at the meeting this week.
Crude oil is sharply down in the 4-hour chart, ideally unfolding and finishing a five-wave cycle within wave A), so seems like a higher degree A)-B)-C) correction is now in progress on a daily chart that can send the price back to 60 support area, just be aware of an A-B-C corrective recovery in wave B).
Crude oil 4h Elliott Wave analysis
Check more of our analysis for currencies and cryptos in members-only area. Visit Wavetraders for details!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.