Oil remains most likely in correction mode for the time being. We can count 5 waves off the January peak. The subsequent bounce counts as a double zig-zag, which reached the 50% fibonacci retracement. Oil has been notoriously complex during the past years. We should not be surprised by some complex followthrough for the current correction instead of a simple zig-zag as we suggested here for the past couple of weeks. Weather it remains simple or complex – the correction will most likely persist.
S/L 62.60
T 57.75
S/L 62.60
T 57.75
Trade closed: stop reached
Comment:
-2.5%