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Crude

7 Jul 2020 ‚óŹ 07:44 AM

Oil remains in wave v of the 1st rally since the bottom it made in April. The vth wave of this move his forming an ending diagonal where wave e is still not touch the top end of the pattern near $ 42.47. Wave e can sometimes be truncated and therefore it is possible that the ending diagonal has completed your and we may turn down any time. The next question is the size of a wave 2 correction. We should start with a possible pullback to the lower Bollinger band and 40 the average near 35.78 and if that breaks a 23.6% retracement of wave 1 lies at 33.43 and a 38.2% retracement lies at 28.18

crude 070720

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