Crude oil fell down to 93.00 in this week where we can see a completed five wave decline from 98.80 and also from 103. Notice that prices has moved out of a recent downtrend channel which is a very important sign for a change trend, even if just temporary. As such, we suspect that market is now forming a three wave retracement back to 96.00 areas.
OIL Elliott Wave Analysis 4h
On short term chart Oil prices are pointing towards a new high after small three wave pull-back to 97.44 which was wave iv) so prices are now moving up in wave v) that could complete wave (a) just beneath $96.
OIL Elliott Wave Analysis 1h
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