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Elliott Wave Analysis: Correction On Crude Oil Points Higher, Above 53.4

Elliott Wave Analysis: Correction On Crude Oil Points Higher, Above 53.4

Crude oil made a deep pullback, but only in three waves back to 52.00 where energy filled a Sunday gap. It was a nice technical downward move, which shows first signs of completion. We labeled it as wave four that is expected to send price higher, into wave five, especially if 53.37 is also broken; wave b swing high!

Crude Oil, 1h

Crude Oil 1 Hour Chart

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