E Elliott Wave Analysis: Crude Oil Eyeing 46.6/44.8 Area

Crude oil breached below the triangle line, which was connected from 49.36 level. Current drop is now a confirmation that corrective wave 4) is completed and that final wave 5) is in play, which can take price towards the Fibonacci ratio of 161.8/200.0, where new support and a bounce may be seen.

Crude oil, 4h

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