I'm contemplating the possibility of crude weaving a complex correction before a new large decline.
If you look at the big picture in the weekly, this C wave decline seems to be incomplete, and the 4th wave triangle and 5th wave low on January 13th, seems to be a 3rd wave's 5th wave of a lower degree, which suggests that the fifth wave of C hasn't started yet.
The short term price and time target I found in this last swing has been met, and it's possible to see a reversal from this level.
On a fundamental basis, it's possible that the OPEC releases a report in the coming days, which might give direction to the market again.
If you look at the big picture in the weekly, this C wave decline seems to be incomplete, and the 4th wave triangle and 5th wave low on January 13th, seems to be a 3rd wave's 5th wave of a lower degree, which suggests that the fifth wave of C hasn't started yet.
The short term price and time target I found in this last swing has been met, and it's possible to see a reversal from this level.
On a fundamental basis, it's possible that the OPEC releases a report in the coming days, which might give direction to the market again.
Trade closed: target reached:
I'm not sure of the triangle thesis but if correct, the C wave took a bit longer to complete.
