Good day traders and a happy new year!
Crude oil is bullish and unfolding a nice clear five wave pattern, which we labeled as a higher degree wave 5) in progress. Current strong five-wave rally that is on display away from 57.60 level can be labeled as black sub-wave 3 of 5), with potential top and resistance coming in at around the upper Elliott wave channel line. From there, a new three-wave pullback as black wave 4 can follow, and search for potential support and a turning point region around the 60.27/60.71 level.
Crude oil, 1h
S&P500 is strongly and sharply turning higher, away from 2672 base for former wave 4. Current strong rally can now approach levels near the 2710/2715 region, where Fibonacci projection of 161.8 sits and projects end of black wave 5 and resistance.
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