Crude Oil is trying to trace out an ABC corrective pullback after a five wave impulsive fall from the latest highs. We can count five sub-waves lower in the black wave 5 of A) and that is why we think price can now be making a temporary corrective reversal higher in red wave B) with resistance around the 48 zone. Afterwards more weakness can follow in red wave C).
Crude Oil, 1H
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