As previously noted, crude oil continues to look like a bearish triangle, which now appears to be approaching completion, as all required A–B–C–D–E legs in Wave B may be in place. Recent price action over the past two weeks shows renewed selling pressure, suggesting that energy could be shifting lower again. However, the unfilled gap near 100 remains important. This level could still attract price in a corrective rebound, especially from the 86 area, which aligns with a key triangle boundary and the mid-April gap zone. Looking a few weeks ahead, we still expect lower gaps at 87 and 67 to eventually be filled, reinforcing the broader bearish outlook.
Take advantage of our 20 EURO promotion – if you wish to receive updates like this daily https://wavetraders.com/elliott-wave-plans/
Become a premium member
Get daily Elliott Wave updates for US Single Stocks, SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.