Elliott Wave Analysis On Crude OIL And USDCAD
OIL breaking above the channel resistance line after reaching the 48.11 area of support and completing the complex corrective pullback. This is a good sign for a future upside outlook. We would like to see an impulse wave to develope on the smaller time frames, so we could then be sure that price is going to get higher.
Crude OIL, 1H
According to this count we are now in the red wave C down with potential resistance around 1.2780 zone, from where a new leg towards wave D) may unfold. This triangle is a bullish one and represents a blue wave B which means we believe that higher levels may be coming as soon the triangle is completed.
Break beneath 1.2655 would invalidate the count.
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