Crude oil reversed to the upside in this week from 95.20, just few points away from our projected levels. Price is now trading close to recent swing high so it seems that short-term waves are already heading higher up in wave C towards 99-100 area. We are also tracking an alternate scenario with wave (iii) in action of wave A, but in either case market stays in bullish mode for few more sessions as long as 95.20 holds.
OIL 4h Elliott Wave Analysis
We are turned bullish recently on crude oil and based on recent three legs down and bounce from the channel support line we see room for a push above 98 and towards $99, while 96.30 support holds.
OIL 1h Elliott Wave Analysis