Crude is favored ended correcting the cycle up from the 12/24/2018 lows at 51.05 on 10/3/19 where the 4 hour is turning up. The wave (1) cycle from the 10/3/19 lows has ended at 65.66 where the hourly is turning down. While a bounce fails below there expect another swing lower to correct the cycle from the 10/3/19 lows.
Crude is favored ended correcting the cycle up from the 12/24/2018 lows at 50.99 on 10/3/19. The 4 hour is turning up from there. Ideally while a pullback remains above the 60.62 lows where the hourly right side is up it can see the 66.00 area in wave (1) cycle from the 10/3/19 lows.
58.05 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
We will close our open trades, if the Midterm level 58.05 is broken.
The RSI support #1 at 43 is broken, so the probability of beginning of downtrend is increased.
While the RSI downtrend #2 is not broken, bearish wave in price...