Preferred view suggests price action from 106.40 – 109.00 was FLAT wave (( b )) and Oil is currently trading lower in wave (( c )) toward 102.58 (equal legs) target which would complete cycle from 110.70 and 112.25 highs and result in a bounce higher. We don’t like chasing weakness at current levels as risk / reward is not justified for shorts despite negative hourly cycles. If Oil shows 5 waves up on a smaller time (5 min chart) after bouncing from 102.58, that would offer a good trading opportunity to the long side for short-term traders.
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