FX.co ★ Elliott wave analysis of Crude Oil for November 30, 2021

We have been looking for a deeper correction in wave 2 and that correction is now well underway. Ideally, we see the correction in wave 2 push lower towards the 38.2% corrective target at 56.63 before being ready for the next impulsive rally to well above the peak of wave 1 at 85.41.

Short-term the correction in wave 2 has met the 23.6% corrective target and we should expect some kind of count move towards 75.61 before the next push lower towards the ideal corrective target at 56.63.