Elliott wave Analysis: Crude oil Making A Strong Bullish Run

Gregor Horvat Wavetraders

Crude Oil is making a strong and clear impulsive recovery, which we think is part of a bigger bullish cycle. Specifically, we see price making a five-wave rally within black wave 3, which can see a temporary top and a reversal near the 65.00 area. That being said, once wave 3 fully unfolds, a new temporary pullback as wave 4 may show up, which can later see possible support around the 64.08-63.55 zone. Invalidation level is at 62.22.

Crude oil, 1h

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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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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