Elliott Wave Analsis: Crude Oil Intra-day View

Gregor Horvat Wavetraders

Good day traders! Let's start the US sessions with crude oil.

Crude oil unfolded a new push higher, away from the 48.50 region which indicates a completed sub-wave iv) correction and final sub-wave v) to be in progress. Ideally will current intra-day rise search for a new top at the upper channel line and later push prices lower into a three-wave corrective retracement for wave four of a higher degree, with potential support coming in at 48.50 level(former wave iv region).

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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