Crude Oil Targeting $81.50 Test
Crude oil’s bullish thesis is supported by a developing Elliott Wave impulse count, where the recent sharp rally appears to mark Wave 3, followed by the current tight sideways pullback/consolidation as Wave 4. The structure is holding above prior breakout support and maintaining a higher-low profile, suggesting sellers have not invalidated the trend. If Wave 4 continues to respect support and price breaks above the consolidation high, it would favour a Wave 5 continuation move into the next overhead resistance/Fibonacci target zone. In short, the chart remains bullish while crude holds the Wave 4 base, with confirmation coming on a breakout that launches the expected fifth-wave advance. To review the chart setup, click here!
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Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!