CRUDE OIL has just completed an impulse-corrective wave cycle and has the potential to decline to 53/Barrel. That's a 15% decline from the current market price.
The advance the bulls enjoy from wave (A) low unfolded as a double ZigZag correction.
According to wave theory, the market will resume in the direction of impulse (five-wave) once a correction is completed.
The correction also perfectly enclosed within a parallel channel (flag) and the price has broken the market structure.
Any further rally must stay below the 67.03/barrel invalidation level.
It seems the bulls have really overstayed their welcome..
What's your view on Crude Oil? Let me know in the comment. Thanks for reading, Veejahbee.