Crude Oil is looking for a bigger recovery [Video]
|We see a drop on Crude Oil from 130 area as a five-wave impulse into wave A that seems to be finished at 63 support area. Recent strong drop in the 4-hour chart, can be also considered as a final spike into new lows, meaning it can be the end of wave (5) of A. So, be aware of a bigger recovery now, potentially five-wave rally back to 85 area, especially now when we have a nice intraday impulse into first wave 1 from the lows that is also trying to break the trendline resistance. So, we think that more upside is coming after a current pullback in wave 2.
We also covered Crude oil in our latest live webinar. You can watch the recording below:
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
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.