Crude Oil Found The Support?Nov 20, 2023

Crude Oil Found The Support from technical point of view and by Elliott wave theory.

Crude oil was trading lower since the end of September, where we were tracking an A-B-C corrective decline. On October 9th we shared an article and we warned about a deeper A-B-C correction on Israel-Hamas Fighting. CLICK HERE

Later on November 7th we shared an article update, when Crude oil came nicely lower within wave C, where we were tracking final stages of that deeper A-B-C correction. CLICK HERE

Last week on November 16th, we shared an intraday free chart of Crude oil, where we spotted final stages of wave (5) of C with huge volume increase, which was an indication for strong support. CLICK HERE

As you can see today, Crude oil is currently showing blue wave C in late stages of a corrective wave B pattern. We can also see now five subwaves down within C from 88/89 zone, where final subwave (5) of C can be now coming to an end with a huge volume increase in the 4-hour chart. We can actually already see a sharp bounce from the support that can be signal for a minimum three-wave recovery back to 80 area. If we get a five-wave impulsive recovery back above channel resistance line and 80.00 level, that’s when we may call a bottom for crude.

Crude Oil Found The Support? Crude Oil Futures 4H Chart
Crude Oil Futures 4H Chart

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