Crude OIL Elliott Wave Analysis Points Support Around 64-63 Area

At the same time stocks and metals are higher. So for now, looks like a risk-on, but miss on the initial US University of Michigan sentiment reading for August suggests that we should be careful at current price levels when looking at indexes. At the same time we shall be observing the situation in Afghanistan very closely as any military actions could cause a new support for crude oil.

Crude OIL has made a strong and clear directional move in the last year from 7.0 to 75 level. But now it has some hard times to attract the buyers, probably due to speculation that new lock-downs will have impact on demand.

As per Elliott Wave analysis, we see energy in a corrective price action, a complex one which it may find some support this week around 63-64 area to complete a three wave drop from 74.00; either as wave B or wave Y).

Crude OIL 4h Elliott Wave Analysis Chart