Conclusion: The ABC)-orange correction may have just completed, and a five-wave is pushing much higher, targeting the nearest target at the high around 94.19 or 130.50.
Details: Since the high of 130.50, a decline with A,B,C)-orange has unfolded as a Zigzag. I counted a five-wave within the A)-orange, and a triangle within the B)-orange, and finally the C)-orange has completed as a five-wave. So, perhaps that ABC has ended with convincing evidence.
So crude oil is likely to rise in the medium term, even though the alternative scenarios with relatively high probability in another development also show increasing bullish weight. And it is aiming for the nearest target at 94.19. While price must always remain above 55.30 to keep the Bullish market view valid.
Details: Since the high of 130.50, a decline with A,B,C)-orange has unfolded as a Zigzag. I counted a five-wave within the A)-orange, and a triangle within the B)-orange, and finally the C)-orange has completed as a five-wave. So, perhaps that ABC has ended with convincing evidence.
So crude oil is likely to rise in the medium term, even though the alternative scenarios with relatively high probability in another development also show increasing bullish weight. And it is aiming for the nearest target at 94.19. While price must always remain above 55.30 to keep the Bullish market view valid.
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