Elliott Wave Analysis: OIL Reaching For 42-43


Crude OIL looks to be in a corrective pullback after a sharp rise in the third wave. This corrective pullback can unfold as a triangle or as a zig-zag pattern. Support in case of a zig-zag pattern would come in at around 40.70 area, while in case of a triangle, we would look immediately higher.

After this corrective price movement is over, our next target for this commodity is around 43.50 region.

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Crude OIL, 1H

Crude OIL, 1h