Commodity bears crawling out?

Elliott Wave Forecast

Crude
 

Crude oil (NYMEX:CLU14) has turned bearish in July and it fell well below the trendline connected from the start of January. As such, a three wave rally up in wave 2) appears finished, which means that bearish trend may even accelerate in the rest of the summer. We are looking lower now as long as market trades beneath latest swing high.


Crude Oil Daily Elliott Wave Analysis

 

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