Crude OIL Elliott Wave Analysis: Approaching Resistance
Crude oil made nice and strong five waves down in November, which is a bearish structure so we assume that energy has turned into a higher degree correction.
Corrections are made by three waves minimum, so ideally current recovery from December low is wave B) contra-trend rally that is already structured by three subwaves with current market price moving into 77-79 resistance area. As such, be aware of a potential turnaround at the start of 2022.
A drop below 72.41 will be confirmation for lower prices.
Crude OIL 4h Elliott Wave Analysis
