Crude Oil Has Finally Finished An Intraday Corrective Setback

Crude oil made a very strong rebound back in mid-October with an impulsive move of more than 11%, while the current retracement from 62 is very slow, which still suggests a counter-trend movement despite the weakness now retesting the 78.6% support levels. We can still see three waves down, and ideally subwave c is coming into a potential support zone, so a rebound can still happen while the market trades above 55.96 invalidation.

Looks like Crude oil is finally on the way back to October highs, as we see a sharp and impulsive rebound from the 78,6% Fibonacci retracement after a completed wedge pattern. So be aware of more intraday gians, especially if breaks back above 60 level, just watch out for pullbacks.