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Crude Oil Is Turning Bullish From 91.22: Elliott Wave Analysis


Crude oil did not make any bearish impulse recently. In fact, price reached even higher levels now which makes rally from 91.22 in five legs, called an impulse wave. We know that impulses show direction of a trend, or change in trend. In our case that seems to be change in trend from bearish to temporary bullish mode. We see current rise as wave a) that is part of a three wave rally from the January low, so be aware of more upside after a pullback to 93.70. Current rise in black subwave v of a) may find resistance around 96.00 figure.

Crude Oil 1h Elliott Wave Analysis

oil elliott wave

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