Elliott Wave Analysis: Crude Oil Recovered Nicely From 4700 Area

Crude oil recovered nicely from 47.00 area which can be a five wave move, thus a change in trend that can lift prices even higher after a three wave set-back. We are seeing an a-b-c drop from 49.58 that may see a support at 48.00 area. A bounce from here and back to 49.00 would be a strong indication that market is going much higher, while 47.06 low must stay in place.

Crude OIL, 1h

Crude 1 Hour Chart

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