Crude Oil Slides Below $100

Published 03/15/2022, 04:23 AM
Updated 07/09/2023, 06:31 AM

Crude oil is turning sharply down from the highs, which smells like a top formation, but as long as the price is above $85, it could still be considered as a subwave four correction of extended wave 5).

Looking at the 4-hour chart, we can still see a three-wave a-b-c corrective decline from the highs. However, notice that this could easily be a five-wave drop, which can later send the price into a deeper correction.

So, we will patiently wait for an upcoming recovery; if slow in three waves, we can expect lower levels, but if strong and impulsive, then be aware of a retest of the highs.Oil 4-hour Elliott Wave analysis chart.

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