Crude Oil In A Temporary Pause - Elliott wave
Hello traders,
After a five-wave recovery within a higher degree wave (A), up from April lows, we can see that energy started declining from the highs; we see a break below the lower Elliott wave channel line, which suggests a temporary top in place, and a minimum three-wave retracement into a higher degree wave (B). Support for (B) is at the 32.5/26.0 zone.
After a five-wave recovery within a higher degree wave (A), up from April lows, we can see that energy started declining from the highs; we see a break below the lower Elliott wave channel line, which suggests a temporary top in place, and a minimum three-wave retracement into a higher degree wave (B). Support for (B) is at the 32.5/26.0 zone.