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Crude Oil May Continue Higher; Wave 5 In View

Published 06/29/2016, 03:43 AM
Updated 07/09/2023, 06:31 AM

Crude oil turned nicely down at the start of the month from 51.65 where market completed extended blue wave three, so our wave count suggests that recent bearish structure with three legs is wave four. In fact, decline from 50.52, labeled as wave C), already spiked beneath wave A) levels so minimum requirements for a valid correction were met, thus new bullish turn can be happening now with current rise back above 48.40 region that opens room for more gains ahead. Ideally market will continue higher into wave five, above 51.65.

Crude Oil 4 Hour Chart

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