Crude OIL: Bearish Turning Point Can Be In Play

Crude oil turned down in the last few sessions, through the channel support line connected from 50 level, so we assume that leg from 48.00 is now a completed five wave move. If that is the case then market will make a minimum three wave decline, even if reversal will be corrective and temporary, but ideally move from the high will unfold in impulsive price action if we consider a corrective recovery on daily time frame; labeled as wave 4)
Crude OIL 4h Elliott Wave Analysis

Written by www.ew-forecast.com

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