3 days ago, before the strong flush came to take out late longs on Crude OIL, we warned our members of potential incoming strong weakness! In Elliott Wave terms, we have identified that this was wave B high i.e. suckers rally and we were anticipating lower targets for wave C – take a look at the snippet from our website 👇Â
“Crude oil is coming nicely to the downside after only a three-wave rise from the October lows, which was a corrective move. It looks like it’s just a matter of time before price finally breaks the lower trendline support of the current corrective channel, which would open room for a move toward 60 and possibly 59 later.”Â
This is exactly where we warned our members of the incoming weakness! Â
Now the question is where we go from here? Well, the easy prediction is going since its yet to be discovered how far this drop can extend. Keep in mind that we have some weekly gap now at the lows, which rarely stay open. Â
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Educational NoteÂ
Broken Channel = Confirmation: The decisive break beyond channel boundary confirmed that the corrective phase had ended, shifting momentum back in favor of the dominant trend.
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