4 Hour Chart Flows: Long Price Points: 81.95 Looking for: Top of a Long wave III)
Momentum: There is a new Long trend to oil market trade in the near-term, that is backed by the fact that the 72.50 area continues to be a main support price point. The 82.50 area is the topside number to breach.
Elliott Wave: Oil has been very bullish since the 68.50 low was reached, held, and reversed. The bullish bounce from that area looks impulsive, which means we are looking for a move into a new highs over the coming days and weeks.
The short move from 81.95 to the recent 68.50 low looks to be a complex correction shown in a blue wave IV, labeled as w)-x)-y). After the correction was complete, the market sharply reversed with a red wave I), followed by a corrective wave II), and now we are looking for a red wave III) top that is in progress.
Once wave III) is done, we still have wave IV) and V) to follow, before the whole bullish structure of a black wave 1) from our daily chart will be complete.
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