Elliott wave analysis of Crude Oil for November 30, 2021

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We have been looking for a deeper correction in wave 2 and that correction is now well underway. Ideally, we see the correction in wave 2 push lower towards the 38.2% corrective target at 56.63 before being ready for the next impulsive rally to well above the peak of wave 1 at 85.41.

Short-term the correction in wave 2 has met the 23.6% corrective target and we should expect some kind of count move towards 75.61 before the next push lower towards the ideal corrective target at 56.63.

The material has been provided by InstaForex Company - www.instaforex.com

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