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Crude OIL Elliott Wave Analysis: Bearish Reversal

Crude Oil has turned nicely to the downside from around 105.00 area where we were looking for a top formation in wave A after a five wave rally from January low. Notice that current decline is very sharp and impulsive that has extended beneath the trend-line of recent upward channel. At the same time we can also see slight push beneath wave four 101.07 support that is the most important evidence for a trend change. As such, we are looking lower now for a big three wave retracement.

Crude OIL 4h Elliott Wave Analysis

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