Crude oil futures
CL1!- It is in (Y) wave down from major top in 4 hr
time frame. The down move was ABC zigzag
as W wave and probably X wave is under progress. The drop in 10 min time frame seems wave a down so sell on bounce for c wave down as small trade set up
. There are three different probability associated with this structure. (1) is (X) wave continue as further wxy or flat abc
and take some time. (2) is it extend the C wave down of W wave and go below 38.20 level as bearish
set up. (3) is Y wave is already down in progress as the double zigzag
(Y) wave as bear case. So keep eye on next price action to understand the bigger move.
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