Wave three is a thing to behold!
Two weeks ago I published this chart below.
It shows a developing bearish setup for Crude oil, and called for a third wave decline to begin imminently,
the price stood at 61.28 that night.
In that nights update I said :
A break of that wave (b) support at 60.77
should be enough to confirm the larger bearish outlook for a decline into wave [iii].
Wave [iii] down has not disappointed so far!
The price is now down over 1100 points from that night, reaching a low today at 50.64.
Check out the latest charts from tonights update to see what I am looking for next.
U.S CRUDE OIL
Crude was hit with further selling early today.
The price dropped below the previous low at 52.15 and ruled out the previous short term count.
I have switched to the alternate count this evening,
and todays lows are now viewed as the completion of wave [iii] green.
This new wave count allows for further declines in wave [v]
which should break below 50.64 level again to complete the larger wave '1' down.
Once wave '1' completes,
that will allow for a reasonable correction higher again in wave '2' blue.
But I am getting ahead of myself now!
Wave [iv] green should begin soon and correct higher in three waves as shown.
Todays spike higher may even be the initial move of wave [iv].
Watch for wave (a) of [iv] to push up to initial resistance at 53.50.
Get instant access to more charts and analysis from tonights update,
and see what's in store for the financial markets.
And stay ahead of the next BIG market move!