WTI Crude had hit fresh monthly highs at $41.60 on June 23, 2020 and reversed lower. The short term wave counts are clear as follows: The drop
from $41.60 through $37.06 could be Wave 1 or A. The pullback rally managed to reach fibonacci 0.618 retracement
of Wave A, around $40.00, which could Wave 2 or B. If the above short term counts hold, WTI Crude should stay below $41.60 and head lower towards $34.25 and further, as Wave 3 unfolds. Overall, the commodity looks bearish
against $41.60 over the next few weeks.
Short, Stop @ 41.60, target @ 34.25 and beyond.
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