We see a drop on Crude Oil from 130 area as a five-wave impulse into wave A that seems to be finished at 63 support area. Recent strong drop in the 4-hour chart, can be also considered as a final spike into new lows, meaning it can be the end of wave (5) of A. So, be aware of a bigger recovery now, potentially five-wave rally back to 85 area, especially now when we have a nice intraday impulse into first wave 1 from the lows that is also trying to break the trendline resistance. So, we think that more upside is coming after a current pullback in wave 2.
We also covered Crude oil in our latest live webinar. You can watch the recording below:
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