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Elliott Wave Charting: Oil 4h Review

TheLFB A Forex Trader Portal

Elliott Wave Charting

Crude Oil

The technical outlook for oil is bearish, since we believe that the recent moves on Oil were part of an upward correction of a blue wave II/B, before a down-trend can continue.

A corrective pattern could be an expended flat, after wave C) found a top around the 76.00 region. If the top is already in, then the market should be bearish in the near-term where a break-out through 72.60 support will confirm a short move, once a black wave ii) completes.

Any move above the 76.00 region will signal for even more complex and extended wave C) leg, before oil will become bearish.

TheLFB Charting: Oil 4h view

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