Crude oil is trading lower very aggressively and hit our projection levels at 30-31 after five subwaves down from 38.40 which can represent wave five, final leg within big impulsive decline. If that is correct, then we know market will turn up into a new recovery. But as always, we need to be patient and focus on minimum expectations. So no matter where crude is headed long-term, we know that sooner or later market should rally with minimum three waves. That been said, it will be important to wait on five wave bounce from the low to confirm end of current bearish leg and higher oil prices ahead.
Crude OIL, 4H
Crude OIL, 4H
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