Crude oil continue to go downward since last inventory report to yesterday report and OPEC denial mode of production cut, crude oil looking weak and may go further down to its support $43, risky traders may go further short, conservative traders wait for tomorrow till NFP data as better numbers can give crude some spike up to $46.
Greetings oil traders, As you can see from the chart which is in weekly time frame, the move (INTERIM rally) is just a correction for the down trend; say for the super cycle wave (Y) Therefore, we sure say that the current move is merely a retracement for the Super cycle wave (Y) and the initial move (X) has been stagnated for some time at the areas of 23.6%...
CrudeOil would continue going higher till 47.30 levels where it would complete Wave A = Wave C if its a 3 Wave ABC correction and probably start correcting from around those levels and go lower.. If its a 3rd Wave then we might see CrudeOil keep going higher and test the 50 levels again. Details are on the chart. Happy Trading!!