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Elliott Wave Analysis: Crude Oil Intraday View

Elliott Wave Analysis: Crude Oil Intraday View

Crude oil fell out of a big triangle yesterday, so we see energy finally moving south within wave C) which has a room to hit $50 per barrel this month. As such, we are short-term bearish on oil now, so will look for more weakness after any corrective bounce. Current leg up can already be blue wave four that may seek resistance at 52.20-52.50 area.

Crude Oil, 1H

Crude Oil 1 Hour Chart

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