E Elliott Wave Analysis: Crude Oil Update

Crude oil has found a top for a bigger wave B) correction at the 57.85 level, from where a new minimum three-wave bearish reversal has started to take form. We can see a completed wave A/1 and B/2, which can now be followed by a minor five-wave drop labelled as blue wave i of C/3. Current drop that is in progress from the 57.20 area can be a sign of more weakness, ideally in a five-wave manner of a higher degree. Also a break below the lower corrective channel line can suggest a bearish continuation.

Once this minor i)-ii)-iii)-iv) and v) development fully shows up, that is when a new temporary a)-b)-c) correction may follow. Resistance is at 56.50/56.75 region.

Crude oil, 1H

(Click on image to enlarge)

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