Hello traders, and welcome to a new post regarding the CRUDE OIL. The energy is trading beautifully, and hopefully into our favor. Let's dig in!
Crude OIL is making a nice five-wave development in late stages of a bigger bearish impulse. We are talking about a drop in five waves from the 68.71 swing high, that can now be coming to an end. As we know, after five waves a new temporary three-wave contra-trend development may follow, and this may happen from around the 64.35/63.55 area.
A sharp recovery from the lows, and above the upper channel line connected from 68.71 swing high would be a sign for more upside.
Crude oil, 1h
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