Rally to 49.5 ended wave 4. From this level, the internal of wave 5 of (3) lower 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)) ended at 42.9, and wave ((v)) is in progress to complete wave (3) before a larger bounce in wave (4).
Near term, wave (a) is expected to complete at 39.62 – 40.27, then it should bounce in wave (b) before turning lower again towards 37.52 – 38.57 to complete wave (3). We don’t like buying the proposed bounce in wave (b). Cycle is currently pretty stretched and we can already count 5 waves lower from wave 4 high at 49.5 , but as far as wave ((iv)) pivot at 42.9 holds during wave (b) bounce, expect oil to resume lower one more swing to complete wave (3) towards 37.52 – 38.57.
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