CRUDE OIL
Elliott wave count for Crude Oil - Bottom could be in place
After a 2½ year decline from the March 2022 peak at 130.50 crude could finally could have found a bottom a new strong rally could in front of us.
If a bottom is in place, we should see support at 63.64 protect the downside for a above minor resistance at 73.82 and more importantly a break above resistance at 77.60 that will confirm that wave 2 have completed and a strong wave 3 is in front of us for a really above 130.50
If, however support at 63.64 is broken, then the corrective decline from 130.50 remains in place for a decline towards 45.09 before the corrective decline from 130.50 completes and a new impulsive rally should be expected.
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