At the same time there is a chance to see a deeper correction on Friday, with the weekend's potential news, that should be of bears concern
the idea is still valid, here is one likely scenario for further development of an upward movement, considering there are two more days left of this week, however, we could be going straight up to the second box level
the ABCD pattern is bearish, so after we reach and stay in the Golden Brick area we should be going down to, at least, 46 level. however, there is a chance we may not be fully done, as there is a similar pattern - the blue one on the chart (quickly put, so no ratios kept), that could take us further to reduce the spread with BRENT
as I wrote earlier this week API, EIA, OPEC should be bullish, so far two of them were.
The reaction on EIA was not very bullish. This is quite bearish and DXY is furiously correcting up, devaluating the play. This is very indicative of ABCD being finally completed or to be completed shortly. There is still a chance that on today's OPEC meeting there would be more development to finally hit the 52.7-53 mark.