Crude oil moved to a new high on Friday and then through Monday sessions on US reports that Russia will invade Ukraine this week. However, for now, this is not the case, so oil is coming back down, which we think it’s wave 4 as mentioned in our past updates.
For now, we can already see three subwaves down but current wave 4 is “too” small measured in time compared to wave 2 of the same degree. As such, we assume that wave 4 can be more complex and even deeper headed into the next week. Nice support remains at 87.00-86.00 area.
Crude oil 4h Elliott Wave analysis
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