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

Become a premium member

Get daily Elliott Wave updates for some major Digital currencies, FIAT currency markets, major stock indexes, gold, silver, crude etc. or apply for unlimited access to the Elliot Wave educational videos.

JPY: The Safe-Haven Is Back. Check our blog HERE.


Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.