CrudeOil Technical Strategy: Correction still in a process, expecting 42 before reversal
Elliottwave Count: Wave (b) formed a complex correction of w-x-y .
CrudeOil ( CL ) is stuck on complex correction cycle after reversed from 26.17 level to 51.65. A move from 26.17 is correcting weekly . However, after hitting 51.65 resistance, pair is forming complex correction and not able to break it's resistance on 51.50-52.00 region. Current level is well supported by weekly 100 , 100 daily and 200 daily . As we are expecting complex in CrudeOil, we are able to see current price might test 41.90 before it reverse and form reversal.
As we are expecting 41.90 area to test as part of , we are expecting to reach there in corrective formation. Considering this fact, shorting CrudeOil might not provide and same time time to reach our target might be longer than expected. In this scenario, we will going long CrudeOil once it confirm it's reversal.
-- By Hoagtrading.com (@Hoagtrading)