Kupitman

Oil will stay in range for couple days

OANDA:BCOUSD   Brent Crude Oil
1. It is in primary down-trend started in Oct,18 of which the first wave completed on Dec 24th
2. The second wave seems to be completed A-B-C zigzag on Wednesday.
3. Last two sessions there was no motive wave upward even though a new top has been recorded. It was an expanded flat. You can see that almost all sub-waves in the last A-B are overlapped.

Expanded flat at the top of A-B-C zigzag probably tell us that the market is not yet ready to move down, but also does not have enough energy to go further up. Most likely we should expect the price to range or form a triangle prior to initiating a significant move downward which can be a 50% correction of the upward zigzag (started in Dec 25th) or wave 3 of the primary downtrend.
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