Preferred Elliott Wave view suggests rally to 103.46 completed a corrective (( B )) wave and Crude Oil futures are now expected to trade lower. Short-term price action suggests wave A ended at 100.42 and shallow recovery to 101.69 was wave B. This gives C = A target of 98.58 which has been reached already. Next extension level to look for would be 1.236 ext of A-B which lies at 97.85. Test of this level is expected to complete a cycle from 103.46 i.e. wave ( A ) and result in a corrective ( B ) wave bounce before decline resumes. If 97.85 is exceeded, then next level of interest would be (( c )) = (( a )) at 97.40 which could end Elliott Wave ( A ) and start Elliott Wave ( B ) bounce. We don’t like buying into proposed wave ( B ) bounce at this stage as it should fail for more downside while below 103.46
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