FX.co ★ CL/Crude Oil

Hello everyone! The analysis of the oil commodity market (#CL) at the lower wave level (H1 chart) using a multi-timeframe approach has revealed the following: Methodology: The comprehensive analysis combines Elliott Wave Theory, MACD histogram readings, and the positioning of exponential moving averages (MA Smoothed 55, 89, 144). The probability of technical and wave model realizations is also taken into account. Current situation: A descending correction is forming or has already been completed. Key level: Initial confirmation of the end of the downward movement is expected at the level of 106.61. Alternative scenario: Further formation of a triangle, marked by red lines, is possible; in this case, the market decline will continue.