OIL ($CL_F) Elliott Wave : Calling The Decline From Equal Legs Area

OIL H1 Elliott Wave Analysis 08.11.2022

OIL is correcting the short term cycle from the 101.8 peak. Recovery has reached extremes from the lows, equal legs area at :93.42–96.94. As the commodity is currently in bearish cycle, we expect sellers to appear at the marked zone for further decline toward new lows or for a 3 waves pull back at least . Another marginal push up still can be seen within proposed area before decline takes place.

OIL H1 Elliott Wave Analysis 08.12.2022

OIL made nice reaction from the equal legs zone. We count wave ((iv)) recovery completed at 95.04 high. As far as the price stays below that level we expect further decline in the price of commodity. We would like to see further separation lower from the current high, expecting decline toward new lows ideally.

OIL H1 Elliott Wave Analysis 08.15.2022

Wave ((iv)) peak held nicely and OIL made the decline as expected. The price is approaching previous low and we would like to see break of that level : 08/05 low — ((iii)) black, to confirm next leg down is in progress. Next important technical area to the downside comes at 85.01–81.92

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