Crude oil is bearish near-term - Elliott wave analysis
The crude oil started the bullish Elliott wave on the 4-hour timeframe. A new low, followed by a three-wave recovery to roughly 3760 - 3660 - 3470 can be expected before the uptrend resumes.
If there will be the upside breakout of wave 5 (Protective Stop: 3980), then it's a failure of the Elliott wave pattern. What happens if it breaks wave 5? I will update it in my next post.
If there will be the upside breakout of wave 5 (Protective Stop: 3980), then it's a failure of the Elliott wave pattern. What happens if it breaks wave 5? I will update it in my next post.