Check How We Spot The Elliott Wave Moves
If you are a member or a regular attendee of our Monday webinars, then you know that I have been highlighting the bearish trend in crude oil since mid-January. The main reason for this weakness has been the Trump administration’s repeated stance on wanting lower energy prices, and they have taken actions in this direction. So far, they have been quite successful, as we have seen a significant drop in crude oil prices over the last few weeks, now nearing 70 dollars per barrel.
A key driver behind the recent breakdown from 73 to 70 has been the progress in negotiations between the US, Russia, and Ukraine, bringing them one step closer to ending the war. Recently, it was announced that a minerals deal between the US and Ukraine has been reached, with the agreement set to be signed on Friday in the US.
Beyond this fundamental perspective, we have also remained bearish from a technical standpoint, as shown in our members’ charts, which helped guide our community through this move.
If you want more of this analysis on a daily basis and insights into what we expect next for crude oil and other markets, I invite you to check our member plans and explore the exclusive content inside our members’ area.
Grega
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