CRUDE OIL is most probably in wave C of a bigger ABC wave, as C waves are impulse waves they should unfold as a 5 wave structure down.
If the wave count is correct then wave C will either equal wave A or you can use the triangle measure rule for targets if your a chart pattern person.
Direction is looking down, however Bears will have to fight thru the support range level 65 - 61 or base of the triangle level first. As wave C is an impulse wave price should move fast downwards once support level is breach.
Incase price starts holding around support level, it will indicate that prices will reverse upward for a more complex corrective wave structure.
Let see how this plays, Good Luck !
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
If the wave count is correct then wave C will either equal wave A or you can use the triangle measure rule for targets if your a chart pattern person.
Direction is looking down, however Bears will have to fight thru the support range level 65 - 61 or base of the triangle level first. As wave C is an impulse wave price should move fast downwards once support level is breach.
Incase price starts holding around support level, it will indicate that prices will reverse upward for a more complex corrective wave structure.
Let see how this plays, Good Luck !
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
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