AndyM

WTI targets 46.5-47.5 range for a bounce

FX:USOIL   Crude Oil (WTI)
192 1 9
Good morning!

Crude is running its C wave of X down, and is soon going to complete its final wave 5, so, after that, a bounce is supposed so happen which will ignite wave Y of the multi-month correction.

I think the decline should end at approx 47 where we have a fibo confluence 0.768 of wave W and where wave 5 has one of the possible termination targets of 0.618 the next run of (1)..(3).

We already see a nice momentum slowdown, so a bounce is getting close.
Great EW count & analysis you've got there ! I'm going to track the minor waves of this impulse (c) to the very bottom.
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