Hello traders,
Crude oil is dropping like a rock, unfolding a bigger five-wave decline down from 76.83 level that can be coming to an end soon as we see price in fifth wave approaching the lower trendline of an EW channel around 47.50/46.0 area. This region can represent an important reversal point which would likely be confirmed as a low if price can manage to recover out of that channel. In such case, oil can be looking even for a retracement back to $60 per barrel.
Crude oil, 4h
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