Crude Oil bottomed out from a major down move last Friday and began a slow consolidation process which I believe will turn into a Regular Flat correction with Wave B completed a few hours ago. Wave B fell within the range of 90 to 105% of A giving a Regular term vs an expanded or running flat. Wave C will need to finish above the top of Wave A and will likely be of similar length. I expect the completed of Wave C to be pretty quick relative to the slow consolidation of the previous B Wave. Once Wave C is completed, I expect price to continue downward likely into the 50's.
Trade active
Looks like overnight turned this into an expanded flat correction. Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.