The Elliott Wave Look Of Crude Oil

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Since 2019, I have been tracking a very bearish and incomplete Elliott Wave pattern on crude weekly and monthly charts. We saw room for a decline down from $65-$70 resistance towards $20 per barrel as recovery from 2016 low has clearly been acting as a correction. A drop has come true much quicker than we thought which is a good thing as it means that new opportunities for investors may not be far away. We see a price decline to 1998 levels ideally with fifth wave that can be final part of a corrective A-B-C structure from 2008 highs. We have all needed sub-waves to complete this downtrend soon, the only thing that is still missing is a bounce in five waves on a lower time frame to confirm a potential reversal, even if just temporary. A rise in five waves back above $27 will indicate further upside, possibly towards the upper side of a trading channel, near $50.

Trade well,

Grega

Crude oil, monthly