FX.co ★ Elliott wave analysis of Crude Oil for March 18, 2022

Crude peaked at 130.50 and took somewhat of a nosedive correcting 50% of the rally from 62.43 to 130.50 in just a few days, but was that it? We think no. That was just the peak of wave 3 and we are now looking for a more complex consolidation in wave 4 that can take many month before the final rally above 130.50 could be seen.

Short-term a break above minor resistance at 110.25 confirms that wave A of 4 has completed and a rally towards 114.44 and possibly even closer to 121.82 is unfolding.