Crude Oil May Find Resistance Near $80-$82 Territory
Gregor Horvat | Oct 13, 2021 08:19AM ET
After yesterday's intraday shake out, crude oil has undergone correction on an intraday basis.
This could indicate that a retest of the $82-$83 area looms, ideally as part of the final leg of an ending diagonal pattern before it finds resistance.
Crude oil is still at the highs in the 4-hour chart. But, the five-wave cycle is still unfolding. So, we may see more gains within wave 3 or wave 5.
But wave "v" of 3 or 5 is an ending diagonal pattern, so traders ought to watch for a reversal from the $80-$82 area towards the $73 areas.
A more significant decline back to $70 levels is needed to confirm the top.
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