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Crude OIL Seems Stronger: Elliott Wave Analysis

Safe-haven assets continue to rise as stocks are moving down, while US yields are higher. Crude oil is also higher due to escalating Russia-Ukraine tensions, which is one of the main reasons for stable CAD, MXN and NOK. We see USD index making a nice bullish reversal with room for more upside as drop from 96.23 completed a higher degree correction, meaning more upside is probably coming.

Crude oil is higher as demand continues as governments are not making any new restrictions ( yet) despite increasing covid cases. Price is now back at 2021 highs, but the question f current move up will be made by three waves or impulse. Well, a broken channel on 4h clearly means that bulls are in play, and we should be aware of further strength. However, even impulses will have corrections in the middle, so we think that bulls may slow down. Nice attractive support is at 80-81 area.
Crude OIL 4h Elliott Wave Analysis


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