Crude Oil Is Looking For A Bigger Recovery
Crude oil faced strong drop and spike back in May, which can be also considered as the final leg of wave (5) of A, so we are aware of a higher degree A-B-C recovery after strong reversal up from the lows. After a completed wave A and expanding triangle in wave B, which is tricky, but still a bullish pattern that already sent prices higher, ideally within a five-wave bullish impulse into wave C. Now that came back to projected April highs for wave 5 of (3), soon be aware of new, higher degree wave (4) correction that can retest 77-75 support area before the uptrend for wave (5) resumes.
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