Crude Oil Looking Lower: Elliott Wave Analysis
Gregor Horvat | Jan 16, 2020 04:33AM ET
Crude oil made a sharp drop from the 65.63 level, giving us confirmation that a complex rally in Y) of C of a triangle is completed, and that a new three-wave reversal is in progress. We are tracking wave A of D now, which can face support around the 58.0/57.8 region, where a wave B correction can show up.
Also check our video below for a more detailed analysis, where we also talk about the correlation with the S&P 500.
h2 Crude Oil Looking Lower: Elliott Wave Analysis/h2
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