HomeContributorsTechnical AnalysisElliott Wave Analysis: Crude OIL May See Some Temporary Recovery

Elliott Wave Analysis: Crude OIL May See Some Temporary Recovery

Elliott Wave Financial Service
By Elliott Wave Financial Service

A new leg down on crude oil in the last 24 hours suggests that whole cycle from April highs is a bearish structure and it indicates on more weakness ahead, but after a three wave bounce. Currently fifth wave of A is trading around the potential support levels of 47.00.

Crude OIL, 1H

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Elliott Wave Financial Service
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