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Elliott Wave Analysis: Crude Oil Intraday View

We see crude oil ticking higher, now approaching 50.12 level of a former wave 4. But as things stand right now we see room for more upside in the future as leg from 47.05 looks impulsive. We are tracking wave three now which may find resistance at near-term levels, but bigger cycle suggests that energy may see rally even to 51.00. In the mean-time be aware of short-term retracements.

Crude OIL, 1H

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