OIL Elliott Wave Analysis: Corrective Rally
Crude Oil Four Hour
As expected, crude oil broke to a new high after recent slow and sideways price action above 101 which we think it was wave (iv) as already highlighted past week. As such, current move higher is most likely wave (v), final leg within wave A that may be looking for a top in this week around 105.00-105.50 area. With that said, traders should now be aware of approaching corrective reversal.
OIL 4hElliott Wave Analysis
Crude Oil One Hour
Crude Oil reached a new highs, so we have to be aware of a possible reversal in price as rally from 101 can be counted in five waves, so wave (v) can be near completion. Move beneath 103.68 will confirm a reversal.
OIL 1hElliott Wave Analysis