Good day traders.
Crude oil found a top for higher degree wave 3) at the 59.00 region and now a three-wave bearish reversal is in progress, ideally towards the 55.00 support area for wave 4); there price can again turn higher in impulsive fashion.
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Crude oil, 4h
Below we have the intraday chart, where current three-wave bearish structure is quite clear.
We see a bigger three-wave decline with wave c) in motion. Wave c) is an impulse, which means it must contain five sub-waves, before a reversal may follow. Well, we now see price specifically trading within corrective leg iv of c) that can reversal at the Fibonacci ratio of 38.2.
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