CRUDE OIL Could Fall Down To 106.70 And Even 104.20 – Elliott Wave Analysis

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OIL 30 min Elliott Wave Analysis
OIL 30 min Elliott Wave Analysis

Written by www.ew-forecast.com |

Oil made a sharp reversal from 112 two weeks back which we think it’s wave A, first leg of a three wave down in wave 4) that is part of a larger uptrend. Ideally recent recovery from 104.20 was still only a second leg, labeled as wave B so we need wave C down before market may complete a contra-trend movement. Notice that price recently fell slightly through the lower support line of a wave B channel so it seems that wave C is in progress, but based on minimum expectations we will see a three wave fall back to 106.80.

OIL 4h Elliott Wave Analysis

OIL 4h Elliott Wave Analysis
OIL 4h Elliott Wave Analysis

On 30 min, Oil reversed nicely lower from 110.70, from 78.6% retracement area where wave B rally may completed a recovery. The reason is recent sharp decline through the channel line that could be an impulse in progress. If we get a five waves down in wave (i) or (a), then traders may look for intra-day shorts set-up in wave (ii)/(b) retracement.

OIL 30 Min Elliott Wave Analysis

OIL 30 min Elliott Wave Analysis
OIL 30 min Elliott Wave Analysis

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