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Elliott Wave Analysis: Completed Correction On Crude Oil Points Higher

Sharp reversal to the upside on Crude Oil gives us an idea about a completed three wave correction in wave B) or 2). If that is the case then recent strong upward action is a sign of stronger prices to follow into wave C) or 3). We could now expect a five wave move to develop in the mentioned wave to around the 66/68.00 zone. A decisive break above the 52.24 level would be a confirmation for higher prices to follow.

Crude OIL, Daily

Crude Oil Daily Chart

On the lower time frame we can see Crude oil trading in a new uptrend, with red waves 1) and 2) completed and extended wave 3) in motion after a bottom had been found at the 42.88 level, where bigger correction had ended. As such we now think price could be trading at the middle of wave 3) specifically in minor wave iv), after a recent drop had occurred from the 54.48 level. That said so current price action could be unfolding wave iv, that could point towards higher levels after its completion. The upper corrective channel line could now provide some support and even push price higher above the 53.87 level within wave 3.

Crude OIL, 4H

Crude Oil 4-Hour Chart

 


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