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Has Oil Recovery Ended?

Published 07/28/2014, 05:30 AM
Updated 07/09/2023, 06:31 AM

Crude Oil rallied away from 98.64 which has been expected because of a completed five wave decline, but it seems that recovery has ended now, close to 61.8% retracement level after three waves up. Notice that crude oil also moved slightly beneath wave (b) swing which suggests a completed rally. Therefore, traders need to be aware of a bearish impulse and continuation back to 98.65.

Oil 4 Hour Chart

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