FX.co ★ Elliott wave analysis of Crude Oil for September 9, 2021

Our long-term count is well on track and we are currently look for a correction in wave 2. The ideal target for wave 2 is to the low of wave 4/ of one lessor degree seen at 57.48. However, the road to 57.48 will not be in a straight line. We expect we have seen the first part of this corrective decline and now is looking for a temporary rally to the peak of wave 1 at 76.90 before renewed downside pressure towards the ideal corrective downside target at 57.48. Once wave 2 is complete a new strong rally in wave 3 is expected and this time, strong resistance near 76.90 should be surpassed as nothing is there to hold prices back.