Prices hit major resistance (green rectangle on chart) There is a possibility that oil price may bounce back to 54 dollar levels. This will satisfy the 4th wave (purple). Shall wait for a major thrust bar(s) at least at 4h time frame to validate it. On contrary, a strong pierce thru this resistance, would mean that the oil can go down all the way to lower levels not seen before. Crucial moment for oil . Will see.
Our predictions were quite good for Oil so far. All our major turning points since may 2015 has been met almost on the dot. Lately we have predicted 54$ about 2 weeks ago, currently Oil is at 52.69. Now we are at a major Resistance again and this shall be the end of 4th wave. From 54$ levels we may see a retrace again back down.