Howdy folks.

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

1 hr

4 Hours

Daily


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!

Tomorrow;
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.

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