Crude oil is currently trading within an intraday subwave iv pullback, indicating a temporary corrective phase inside a broader impulsive decline. According to the Elliott Wave structure, the market appears to be forming subwave v, which would complete an impulse sequence within wave C of a larger ABC zig-zag correction. As long as price remains below key intraday resistance levels, the structure favors another leg lower. The next downside target is the $60 support area, where subwave v is expected to terminate. This level represents a critical technical zone that could attract buying interest and potentially trigger a broader recovery phase.
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