Elliott Wave Analysis: Crude Oil Trading At Support

Crude oil made a strong break higher the previous week, out of a fourth wave triangle that formed a base around $50. As we can see the following wave five has later fully unfolded and found a top near the 52.82 level. A suggestion for a top in place can be recent intra-day drop, that can be part of a three-wave reversal. We see waves a and b of this three-wave reversal completed and now final leg c can be in progress, with support coming in at 50.25 level. A five-wave rally and a break above the 51.78 level would indicate more gains to follow.

Crude oil, 4H

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