Oil Elliott Wave Charts
Updated: Nov 25, 2020
Oil 1 Hour Chart
Wednesday, 25 November 2020 at 08:43 GMT
Crude oil is making a five-wave recovery out of a former triangle correction located in a fourth wave. This five-wave rally is part of wave v of a bigger wave 1, and can despite higher levels look for limited upside, and resistance. Possible resistance and a reversal into a corrective wave 2 can be near the 46.0 level.
Oil 4 Hour Chart
Wednesday, 25 November 2020 at 07:36 GMT
Crude oil is moving higher, clearly with an impulsive personality away from 33.8 level. We are tracking latest intra-day recovery as sub-wave v of 1, which can despite strong rally be near resistance, therefore be aware of limited upside, and a temporary corrective wave 2 to start forming. A firm reversal below the lower Elliott wave channel line will suggest an a-b-c move for wave 2 to be underway, with support at the 40.26/39.6 level.
Alternate scenario suggest more upside in case wave 3 is already underway.
Oil Daily chart
Nov 22 2020
Crude oil came down as expected to 34.00 area where energy found support recently, which is another confirmation that sooner or later energy is going to be higher and that drop from September high is corrective. That said, a new five-wave cycle can be underway.