Elliott Wave analysis: Oil may slow down at 80-82 area
|After yesterday's intraday shake out, Crude oil looks corrective on the intraday basis, which means that it can retest the highs and 82-83 area, ideally as part of final leg of an ending diagonal pattern before it finds the resistance.
Crude oil is still at the highs in the 4-hour chart and five-wave cycle looks to be unfinished, so we may see more gains within wave 3 or alternatively wave 5, but wave "v" of 3 or 5 looks to be an ending diagonal pattern, so still watch out for a reversal down here in the 80-82 area, at least in three waves back to 73 support area. A bigger decline back to 70 area is needed to confirm the top.
Crude oil 4h Elliott Wave analysis chart
Check more of our analysis for currencies and cryptos in members-only area. Visit EW-Forecast 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.