Wave count suggests that crude is likely to witness a wave B bounce and then a wave C correction.
A clear 5 wave down move in progress. as I have mentioned earlier 66.60 is a key level. Make or break.
I believe crude is in a corrective rally, with one more leg down pending. There's a bearish flag in the making.
Crude is at yet another exciting juncture with 66.60 set to play a pivotal role. The possibilities are indicated in the chart.
Wedge and channel break downs. 72.20/30 is the next support. If that's taken down I expect crude to test 68-69.
A series of 1-2 waves in crude oil unfolding. Expect a wave 2 pullback to 68 followed by wave 3 taking crude to newer 3 year highs.
