In this article I’m going to do Elliott Wave Analysis of Crude Oil and post my forecast for the same.
As of now Crude Oil is trading above the important resistance level of 54.30 and seems to be in the starting leg of a Wave 3 of a lower degree.
In any case it seems that from here in Crude Oil will break above 55 and as soon as that is done a huge upside can be, as previously stated it is in starting legs of a Wave 3 and by nature Wave 3 known to be strong.
I’m expecting upside target of 67 and higher.
Please note that both the main count and the alternate count are pointing in the same direction as of now.
You can view my previous analysis of Crude Oil here.
I will update this further if need arises.
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