Jul. 23 at 9:12 AM
$CL
Crude oil keeps pushing higher on the new escalation between the US and Iran. In fact, Iran has reportedly attacked Saudi Arabian tankers, causing another intraday rally in crude oil above
$90.
It really seems like we could be approaching fifth-wave targets here, but it remains to be seen whether the fifth wave will extend further or whether the market will start to slow down. One thing is certain—this is still a bullish pattern.
We expect more upside after any meaningful ABC retracement, but it remains to be seen when that pullback will occur and how deep it will be.
Whenever it does show up and brings crude oil back to more attractive levels, we will be expecting another fresh rebound.
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$CL #CrudeOil #OOTT #ElliottWave #Trading
