Crude Oil: Bears May Enter Around 67-69 Level

Published 05/17/2021, 06:57 AM
Updated 07/09/2023, 06:31 AM
  • Oil is trading higher from 57.0 level
  • Overlapping price action indicates the correction is going on
  • Bears may enter around 67-69 Fibonacci projected area
  • As per Elliott Wave analysis crude oil is trading higher recently after recent three wave drop, but still with an overlapping price action when looking at the whole recovery away from 57.00, despite strong uptrend this can be wave B as part of a big ongoing complex correction. Ideally bulls will slow down at 67-69 projected area.

    Crude Oil Daily Elliott Wave Analysis Chart

    crude oil Elliott wave analysis

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