Crude oil turned into strong bullish mode in September which looks like an impulsive price move on the 4h chart. We see an extended and sharp leg from 44.14 to 51.50 that looks like wave 3 of an impulsive structure. If that’s true then we know that market is in new bullish phase so uptrend should continue after the wave 4 pullback which can be now in final stages of an Elliott Wave flat correction that can be looking for a base at 49.00-49.50 area.
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Crude OIL, 4H