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Crude Oil Bears Make the Most of Their Time to Shine

What will WTI Crude Oil bring next? That is the subject of discussion in our latest premium analysis! Order and receive TODAY!

After the market broke during the pandemic panic and crude oil prices fell into negative territory, a quick and sharp surge followed. WTI climbed to $43.84 a barrel in late-August. But the crisis was far from over and the Elliott Wave principle helped us correctly predict the bearish reversal that came next.

Now, crude oil is crashing yet again. It fell to as low as $34.91 yesterday. A decline the media explained with the build-up in U.S. inventories and Libya’s ramped-up output. Unfortunately, the knowledge of these factors would still not help with correctly timing the decline. Elliott Wave analysis, on the other hand, proved to be much more useful for trading purposes.

Crude Oil price Elliott Wave analysis October 21st

We sent the chart above to our subscribers on Wednesday, October 21st. It revealed a complete bearish 5-3 wave cycle from the top at $43.84. There was a five-wave impulse, labeled i-ii-iii-iv-v, down to $36.11. The theory states that every impulse is followed by a three-wave correction in the other direction.

Crude oil ‘s corrective recovery developed as a w-x-y double zigzag up to $41.87 by October 20th. We didn’t know if the bears were immediately ready to return at the time, but as long as $43.84 was intact, the count above would remain valid. Nine days later, here is an updated chart of the price of crude oil.

Crude oil prices dip below $35 a barrel in Elliott Wave correction

It turned out the bears were ready. The bulls started slowly losing ground before completely giving up over the past couple of days. With crude oil below the bottom of wave ‘v’ at $36.11, they have now officially reached their initial target.

$43.84 was never threatened. And while the macro environment remains more uncertain than ever, the charts are already giving us a hint of what may lie ahead.

What will WTI Crude Oil bring next? That is the subject of discussion in our latest premium analysis! Order and receive TODAY!

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