I believe Crude Oil is in the midst of completing Wave 2 of 5 of C. My target for subwave Y of Wave 2 is at 68.11 area (Wave Y = 161.8% of Wave W). My justification for the target is base on the wave count for WXY of Wave 2 as shown below. Once Wave 2 is completed, I'm expecting a substantial fall for Wave 3. The target for Wave 3 is at around 54.17, which is the typical 161.8% of Wave 1.
Disclaimer: These are just probabilities. It might go higher/lower than what I've forecasted.
Comment:
Invalidation point at 65.83 hit!
Comment:
Crude Oil broke 72.83. That had invalidated our bearish count. I'll reassess my count soon.