Crude Oil Futures: The Next Leg Higher has Started
Revised view suggests that Crude Oil rally from 1/10 low (50.71) is unfolding as a diagonal where wave 1 ended at 54.08 and wave 2 is proposed complete at 52.22. A break above 54.08 would add more conviction to the view that the next leg higher has started, until then a double correction in wave 2 and another low below 52.22 can't be ruled out. Near term, expect more upside towards 53.96 - 54.28 area to complete wave (w) and end cycle from 1/31 low (52.22). Afterwards, expect wave (x) pullback in 3, 7, or 11 swing to correct cycle from 1/31 low before the rally resumes. We don't like selling the proposed pullback.
Oil 1 Hour Chart
Elliott Wave Degree
At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday - Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Trial to sample everything we have to offer.