NYMEX_DL:CLF2024 CRUDE OIL FUTURES (JAN 2024)
Crude oil is trading lower, currently showing blue wave C in late stages of a corrective wave B pattern. We can also see now five subwaves down within C from 88/89 zone, where final subwave (5) of C can be now coming to an end with a huge volume increase. We can actually already see a sharp bounce from the support that can be signal for a minimum three-wave recovery back to 80 area. If we get a five-wave impulsive recovery back above channel resistance line and 80.00 level, that's when we may call a bottom for crude.
Advanced Elliott wave service