FX:UKOIL Crude Oil (Brent)
Watch if there will be a strong bounce-back (Thrust) at the area marked with a circle on the chart. If this happens (within a few days or so), it means that we are looking at a major change in oil in the "UP" direction. If not, then weakness is still there and Oil may go down further. However I think that the chances for a trend change is significant. in mind that also the wave counts (minor and major) seems to be complete at this crossing. If this trend change occurs, then USD-CAD pair will fall. Keep in mind that there is some multi-shoulder Head&Shoulder barely recognizable at USD-CAD pair. Further weakness of oil , meaning piercing this significant crossing (red circle) would easily mean that USDCAD climbing all the way to 1.36 levels (end of 5th major wave on USD-CAD ). Will be interesting to watch. Regards and good trades.