24 Aug 2020 ● 07:14 AM
Crude oil prices continue to take support on the 20 DMA. What you see here is an alternate wave count based on my earlier markings of an ending diagonal. This can mean that wave 2 completed in a very small correction. It embraces the pertinent question "can wave to be the small?" And strongly trending markets the answer is yes. In the current situation where many are considering the risk of stagflation a year down the line could it mean that a slow and steady progress and higher prices will simply go on. After all you can't have stagflation with that higher oil. The 20 DMA is at $ 41.7, and unless we closed below it you may consider that the trend is up and we may then continue towards the $ 45 mark.