Crude Oil: A Pullback Awaits
Gregor Horvat | Oct 15, 2021 06:02AM ET
Energy markets are higher, but crude oil prices remain in a wedge.
Traders should be wary of an upcoming resistance and a pullback if the price breaks through the trendline support.
Crude oil is trading near highs in the 4-hour chart, completing a projected ending diagonal pattern within wave 3.
A pullback into wave 4 is around the corner before another push towards wave 5.
Any sell-off back to $70 would signal a completed 5th wave, labeled as 'ALT' on the chart.
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