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.
