[vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row]
[vc_row][vc_column][vc_column_text]
Hi everyone.
A quick look at the patterns dominating the crude oil price right now.
The market is now overbought at an extreme again.
But that is nothing new for a second wave top.
Just look how bullish producers are according to the latest COT report.
Wave (3) down should begin over the coming weeks.
[/vc_column_text][/vc_column][/vc_row]
[vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]
U.S CRUDE OIL
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column width="2/3"][vc_custom_heading text="1 hr" use_theme_fonts="yes"][vc_column_text]
[/vc_column_text][/vc_column][vc_column width="1/3"][vc_custom_heading text="4 Hours" use_theme_fonts="yes"][vc_column_text]
[/vc_column_text][vc_custom_heading text="Daily" use_theme_fonts="yes"][vc_column_text]
[/vc_column_text][/vc_column][/vc_row]
[vc_row][vc_column][vc_column_text]
Crude has dropped off the the morning highs with a fairly sharp move lower.
The extended nature of this rally is bound to cool off at some point,
but the question is;
will the price now finally drop off the highs in a five wave move.
To give us that bearish signal that I have been looking for.
I have labelled todays drop as wave 'i' down,
with wave 'ii' now underway to create a lower high.
If we see a sharp selloff tomorrow in wave 'iii' back towards the previous wave 'iv' low at 61.80.
That will be a good sign that the market has topped out.
A decline in five waves is what this week is all about!
Tomorrow;
Watch for wave 'iii' of (i) to continue lower.
The high at 64.79 should hold.
[/vc_column_text][/vc_column][/vc_row]