Crude Oil Wave 2 Correction in Progress: Elliott Wave Analysis

Crude Oil in Wave 2 correction, expecting support within 50%-61.8% Fibonacci zone

Signal: bullish

Our primary Elliott Wave analysis suggests that Crude Oil is currently in the midst of a Wave 2 correction. We expect this pullback to find support within the 50%–61.8% Fibonacci retracement zone, although a slightly deeper correction that approaches the 61.8% level cannot be ruled out. Once Wave 2 is complete, we anticipate the onset of a strong Wave 3 uptrend. This bullish outlook will remain valid as long as the price holds above the key level of 67.732, as a close below this threshold would invalidate our current Elliott Wave count.