FX:UKOIL   Crude Oil (Brent)
126 0 1
We are still bearish with oil             , given all the bearish signs (listed on the chart). We were expecting a faster down turn for a 3rd wave, however the market went back up invalidating the ABC count, before the 3rd wave. Instead the upmove expanded to 0.764 Fib level. This may indicate a complex top formation in the making. Currently, we will watch whether the Oil             price will tend to follow a triangle top formation.
The implication on Canadian dollar:
As the USDCAD             is heavily correlated to Oil             prices and USDCAD             is still weak ( bear ), we wouldn't recommend to go go long with this pair yet.
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