Crude oil found some nice support at 51.80 last week from where a strong recovery appears to be impulsive. Ideally, that was wave 1, which found a top around the 54.50 region, meaning that recent slow and sideways movement was black wave 2 that is now to finished. As such current intra-day strength may be an indication for higher levels to follow within the following wave 3.
Crude Oil, 4H
(Click on image to enlarge)
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