Crude Oil Finishing Minor Wave A of E

Jun 18

I can clearly count five waves up, implying that wave A should be about finished. Prices also seemed to have stalled at the resistance caused by the end of minor wave B at the previous zigzag of wave D (red resistance line). The next wave down should be wave B of a zigzag for which the 50% Fibonacci retracement level is a reasonable target but by no means the only option.

Once the final zigzag up finishes, we should see a breakout from the triangle on the downside.