I think we have completed wave 3 up, and are now looking for the requisite to form wave 4 down.
I see three zones of importance, where wave 4 should end and waver 5 up should begin.
If price falls to the red zone, then Oil is nowhere neaar as as the bounce would lead you to believe.
It is currently Asian session so not much action is expected until London open or US session.
I am hoping Asia completes , then London completes wave 5 up, leaving US to decide what next after a completed 12345.
Let see how this plays out.
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