23.06.202207:32 Forex Analysis & Reviews: Elliott wave analysis of Crude Oil for June 23, 2022

Exchange Rates 23.06.2022 analysis

We were looking for a triangle in wave 4. However, this possible triangle has been invalidated and the correction decline from 130.50 looks more like a simple zig-zag correction, which if correct indicates that the rally to 130.50 only was wave 1/ of 3 and the ongoing corrective decline is then wave 2/ of 3. This means more upside should be expected once the ongoing correction completes near 86 for a strong rally towards 208 and possibly even higher.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2022
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