Elliott Wave Analysis: Crude Oil Looking Higher
Gregor Horvat | Jul 04, 2017 10:25AM ET
Crude oil is making a nice bullish statement from recent lows and is now showing qualities of an impulse in motion. We see blue wave five of three making an extended leg higher with possible resistance zones near the upper channel line. Hopefully bulls will temporarily slowdown from there, to unfold a new three-wave fourth wave correction. Support for the upcoming correction could later be at the previous swing low of wave iv) at 45.90 level.
Crude OIL, 1H
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