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Crude OIL Elliott Wave Analysis

Dec. 16, 2021 3:27 AM ETCrude Oil Futures (CL1:COM)
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Seeking Alpha Analyst Since 2010

We provide advanced information about Elliott Wave theory in real-time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help market participants, who are interested in Elliott Wave theory, to understand the investor's mood and market cycles. We are doing our best to explain our views as simply as possible when tracking the market cycles from pessimism to optimism and vice versa.

FOMC monthly taper doubled compared to last month. The dollar is higher across the board while US indexes are approaching the low. Treasuries are lower with metals, crude stable.

Crude oil made a sharp and impulsive decline in the 4-hour chart, which we see it as a wave A), so more weakness may resume after wave B) rally that reached first 72.67 resistance level. However, this level is expected to be broken as higher degree correction is likely incomplete and has room for 61.8% or even 79.00 level after recent subwave B pullback.

Crude OIL 4h Elliott Wave Analysis

OIL Elliott Wave

more details at Wavetraders

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