Crude Oil Medium Term Outlook (Elliott Wave Analysis)
Updated
Crude Oil prices are likely to extend gains towards USD 65 to 71 by holding above USD 50.50 ahead of turning lower towards USD 47 in coming 3 to 5 months.
Note
s3.amazonaws.com/tradingview/snapshots/p/p0cpuyYe.pngCrude Oil prices are unfolding within a flat corrective structure which is now in its Wave "b" minute wave. Hence, prices are likely to hold above 55.75 on further pullback and extend gains towards 58.70/59 levels ahead of turning lower. A sustained break above the recent high of 59 shall mark that the short term correction was completed at 55.75 and prices will be heading higher in coming weeks.
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