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FX.co ★ Elliott wave analysis of Crude Oil for January 4, 2022

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Forex Analysis:::2022-01-04T06:00:55

Elliott wave analysis of Crude Oil for January 4, 2022

Elliott wave analysis of Crude Oil for January 4, 2022

The temporary rally in crude oil from the low of 62.43 has extended a bit higher than initially expected, but has only just touched the 61.8% corrective target and should soon tune lower again towards our long standing target near 55.31. A drop to 55.31 will complete wave 2 and set Crude oil up for a strong rally in wave 3 towards the low 120-area.

To confirm that the next dip towards 55.31 is in motion we need a break below support at 74.27.

Analyst InstaForex
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