17.05.202207:22 Forex Analysis & Reviews: Elliott wave analysis of Crude Oil on May 17, 2022

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Crude oil has just completed a symmetric triangle to the upside which calls for the next impulsive rally towards at least 134.34 and more likely closer to 159.94. If we see a runaway rally in wave 5, we could even see crude oil reach the 200 handle.

Short-term we see minor resistance near 116.64 before running higher for a test of the 134.34 target.

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