Will most likely go up with low volume before another drop to complete this truncated 5th wave. Good to note that the MACD has crossed bullish! (Which confirms my bias that we'll get another push before heading down!)
As seen on chart, we got that a bounce off of 0.236 to place that "a wave" and now should the downtrend should resume to complete "c". Also, volume has been declining and the MACD has turned bearish! Very nice R/R for a short right here.
From a Elliott wave perspective, the future is doom for oil. From a volume perspective as well, we are getting some agressive selling. If things continue like this, expect oil to go to zero! (OR CLOSE TO ZERO.)
I'm looking for one more drop before seeing more bullish continuation. From a volume pespective as well, we could see that it's declining. Also interesting to note that this correlates with my EURO scenario!