Commodites

Crude Oil Update 2: It’s Breaking Lower Out Of Bearish TriangleMar 15, 2023

Crude oil is breaking lower out of bearish triangle pattern, which indicates for the final leg from Elliott Wave perspective.

Crude oil was trading sideways for the last couple of months, which we saw it as a consolidation range within downtrend. We have been talking about that in our previous update that can you check HERE.

Crude Oil Update 2: It's Breaking Lower Out Of Bearish Triangle Daily Flashback Chart
CRUDE OIL Daily Flashback Chart

As you can see, Crude oil is now finally breaking lower for wave (5) of a higher degree wave A, out of projected bearish triangle pattern within wave (4). In Elliott wave theory, 5th wave is the final leg before we will see a higher degree corrective recovery into a higher degree wave B.

However, there can be still room down to 65-60 triangle target area, where we also see ideal 138,2% – 161,8% Fibonacci target zone.

Crude Oil Update 2: It's Breaking Lower Out Of Bearish Triangle CRUDE OIL Daily Technical Flashback Chart
CRUDE OIL Daily Technical Flashback Chart

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