Crude Oil is Higher But Temporary; 58.20 Can Offer Resistance

Crude oil can be trading in final stages of sub-wave D as part of a bigger Elliott wave triangle correction. We see energy facing potential resistance and a turning point around the middle or upper channel line, where also former swing high of sub-wave b sits(57.81 level) and the Fibonacci ratio of 78.6. A later drop from the mentioned zone, would suggest a three-wave reversal to follow into final leg E of 4), with support being seen at 56.87 level.

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