FX.co ★ Elliott wave analysis of Crude Oil for November 12, 2021

Crude oil is ready for a correction towards at least 67.63 and likely even closer to the 38.2% corrective target at 56.63 before moving higher in wave 3 towards 107.93.

The coming corrective decline will ease the inflationary pressure for a time and will give the Centralbankes hopes that inflation was transitory, but from our point of view and our preferred count only the ease of inflation pressure is transitory and the real inflation pressure will re-emerge in full force once wave 2 is complete in the 56.63 - 67.63 area.