Crude Oil Targets New Highs: Elliott Wave Analysis

Technical analysis of Forex market

The USD is seen in a bullish structure vs other major currencies, so we should be aware of more risk-off in the near term. Also, one of the most important markets these days, crude oil can stay in a bullish trend after the White House failed to arrange talks between Biden, Saudi Arabia and the UAE.

Crude oil keeps rising in strong and impulsive fashion and with the current GAP up, there can be room for more upside to complete a five-wave cycle within extended 5th wave, but probably after a pullback in sub-wave 4, where ideal support would be around that 115 GAP area.

Crude oil 4h Elliott Wave analysis