Crude Oil: Corrective Price Action Still In Progress

Forex Technical Analyst • Nov 8, 2016 at 10:09 AM EST

Crude Oil is undergoing a higher degree correction. We are looking at a more complex corrective decline from 2016 highs, a contra-trend movement that will be expected to send this market higher again once the flat correction is finished.

Sharp decline on crude oil suggests that market can see more weakness now in wave C of B/2, especially after recently broken channel line connected from 39.50. That said, we are looking at a more complex corrective decline from 2016 highs, a contra-trend movement that will be expected to send this market higher again once the flat correction is finished.

Crude Oil, Daily

Basic Flat Correction:

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