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Crude OIL Elliott Wave Analysis: Wave C Eyes Towards 96-94 Zone

|Includes:iPath S&P Crude Oil Total Return Index ETN (OIL)

Crude oil turned bearish as expected in March after a completed wave A, so bearish leg from 105 is most likely wave B that should be made by three subwaves. As such, we are looking towards lower levels in the next week or two as current bounce from 97.00 unfolded in corrective manner which was most likely wave (b) of B, so wave (c) should reach levels around 94-96 before market may form a new bullish reversal for rally above 105.

Crude OIL Daily Elliott Wave Analysis

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Stocks: OIL