With A 5 down wave count complete, the correction for the oil is underway with a missing (C) wave. The first target for that (C) is 61.40$, second is 68.20$. The major hurdle for that scenario is still the 51$ level that needs to be broken, the RSI seems supportive for that scenario as it is finding bottom at 44% level when prices move down.
I would prefer to enter the market on a pullback to 48.90$ or when a break above 51$ is confirmed.
I would prefer to enter the market on a pullback to 48.90$ or when a break above 51$ is confirmed.