Back in April 2019 Crude Oil was on a tear higher from $42 up to $66 near that top.
Everyone though this rally was the real thing and destined to last.
But the wave count had a different future in mind!
On April 22nd I was looking for a serious fall dead ahead.
The world seems convinced now that crude oil is destined to blast through $100 again by the end of the year.
Not so fast,
This rally is seriously extended now and could break any minute.
The next big move will bring crude closer to $10 than $100!
1 hr chart;
4 hr chart;
Wave (2) was topping out in an over-extended correction.
And it was time for wave (3) to begin.
On the 25th I said:
Crude is coming to the end of this large rally in wave (2) green.
Of this I am fairly confident.
The short term price action is harder to nail though.
If the price continue to drop impulsively like today,
and breaks below the 63.00 handle again.
This will be clear signal that the top is in for crude in wave (2).
We can then work on wave wave (3) down again.
Watch for wave '4' to hold above the high of wave '1' at 64.61.
One more high in wave '5' will close out wave 'v'.
The next day the decline came in!