Elliott Wave Analysis of Crude Oil
15 May 2025
A lot can happen in three weeks! In the Elliott Wave Analysis of Crude Oil posted on 15th August, we anticipated that the price will rise to around 88.10-89.50 and then decline. We had the $71 level in mind, (quite greedily I would say because Oil did come pretty close to achieving that target earlier on, reaching below 76).This time, though, the sell off stopped at 79.17, still a decent 11% down from where it had topped. |
The recovery from 79.17 sent out all kinds of clues to the Elliott Wave trader, (these have been discussed in detail in my book “Five Waves to Financial Freedom”) |
The key question now is what should we do here? My suggestion is you should stay on the sidelines. If we get to the mid 94 levels, post me a note on WaveTimes and I will look at the chart again. Will we get there? I am not able to say that at this point in time. |