Crude Oil Cycle - Elliott
Crude oil cycle analized with elliott wave with an objective of 40 usd for the end of wave C. Im expecting a flat corrective pattern, being B 76% retracement of A. In the current minor wave analysis, we could expect a short term bounce (as it has happened between 52 and 60 usd). My target for the end of the current minor wave pattern is 40usd. If support level doesnt hold then the target must be updated and we cant expect the corrective pattern to be flat.
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