Rally from 95.21 – 101.38 was in 5 swings as the chart shows with lack of momentum between the peaks at 100.46 and 101.38. 5 swing rally keeps Oil bullish against 95.21 low for at least 1 more leg to the upside. We are currently in wave B correction which can reach as low as 98.28 (50 fib) – 97.56 (61.8 fib) from where the rally is expected to resume. Worth mentioning that drop from 101.38 – 99.40 was a corrective 3 wave decline so selling into wave (( c )) of B is not recommended. We favour the long side from 97.56 – 98.26 area as far as pivot at 95.21 remains intact.
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