Crude oil has recently been trading in a higher degree wave B correction, that is part of a three-wave reversal down from 77.7 region. We see this correction at the 66.55 level showing some signs that it has completed its rally and that more weakness may follow.
A sharp, impulsive drop below the 55.96 level would be a confirmation that wave B is completed, and that more weakness, in a five-wave manner may follow into wave C.
Crude OIL, Daily
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