Rally to 49.5 ended wave 4. From this level, wave 5 of (3) decline is unfolding in 5 waves where wave ((i)) ended at 45.08, wave ((ii)) ended at 46.71, wave ((iii)) ended at 41.35, wave ((iv)) is proposed complete at 42.9, and wave ((v)) is in progress lower to complete wave (3) before a larger bounce in wave (4). We don’t like buying the proposed bounce in wave (4). Cycle is currently pretty stretched, but as far as wave ((ii)) pivot at 46.71 holds, expect oil to resume lower to finish wave (3).
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