Crude Oil holds $88–89 as a fifth-wave rally takes shape

Gregor Horvat Wavetraders

Last week I pointed to an ending diagonal in wave C of crude oil's correction, with a daily close above the $93 area as the trigger for more upside. That setup has held so far: oil came down into the $88–89 zone, the May 18 swing high on the November contract, and then turned higher out of the downward channel.

Price has now recovered above the wave B swing high, which makes room for a fifth-wave rally, and it is testing the 96.94 bullish level as I write. A break above it keeps the move higher in play, while the bullish view stays valid above 86.86. For now I think bulls may not be finished yet.

Trade well,

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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