A three wave bounce and reversal down from wave C)-A) level and slight push beneath the channel support line suggests that bear market is still in play on oil prices. That said, we labeled rally from 27.56 as a zigzag up in wave 4 that now appears complete so more weakness could follow in sessions ahead. Ideally we will see a new five wave decline from 34.78 to 27-25 area this month. We are looking now lower with wave 5 that can be final leg within big bearish trend.
Crude OIL, 4H
Crude OIL, 4H
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