#Crudeoil turning lower - Wave A down in a diagonal

NYMEX:CL1!   Light Crude Oil Futures
Crudeoil has been on a tear making new highs in the last few weeks . All this may have ended in a wave 5 of 5 and a major turn seems to have begun. The downmove from the Feb 15th high is clearly a diagonal wave A ( or wave 1) , a correction in wave B ( or wave 2) has completed a few hours back.

As long as the 94.95 high holds , look for an accelerated move at a minimum to 84, this could then lead to a medium turn that will keep crudeoil make new lows. We'll reassess further bearish potential at the later stage.

For now look for a move to the 84-85 handle

Michael @ SolomonsView

Twitter - @SolomonsView

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