Elliott Wave Analysis of Crude Oil Suggests Lower Levels Still

Crude oil is falling in a 'C' wave that likely reaches $62 or lower levels.

The 'C' wave will likely take on a motive structure (impulse pattern or ending diagonal). Once the final low is printed, then crude will rocket up to new all-time highs.

If the decline in wave 'C' is not a motive structure, then it will be a big clue that it is wave 'C' of a large triangle pattern. A triangle pattern would grind sideways for most of 2023 making little net progress.

Good luck out there!