WTI: 55-56.0 area on Crude Oil offers a bearish turn - Elliott Wave

Gregor Horvat Wavetraders

Hello fellow traders,

As expected, OIL is nicely recovering within a three-wave A-B-C corrective movement. Seems like the final wave C can be in progress that can extend its rise even towards 61,8% Fibo. retracement around 56-57 resistance area, from where we should be aware of another huge decline back to the lows.

Crude oil, 1h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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