Crude oil appears to be breaking below the lower boundary of a multi-month triangle pattern, signaling that a larger Wave C decline may be underway. The move gained momentum after reports that the U.S. is nearing an agreement with Iran, improving expectations for a diplomatic resolution.
From an Elliott Wave perspective, oil may already be in the middle of a bearish third wave, suggesting further downside ahead. While short-term pullbacks are possible, the broader outlook remains bearish with potential for a move toward the $67 area.
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