Odds favor that the correction isn’t over yet. The short-term oil Elliott wave structure continues to appear as a flat or complex double-three correction. WTI traced out minuette wave (i) probably as an expanding diagonal. Minuette wave (ii) counts as an expanded flat correction. It is near a 61.8% fibonacci retracement right now.
We expect a drop in wave (iii) to take WTI oil below 60 USD.
s/l -2.6% Target +10.5%
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