The primary wave count of Crude Oil suggests it made a major bottom in April 2020.
We may expect at least a large ( A ) -( B) – ( C ) up pullback off the low.
That pullback would be reaction to the preceding macro decline that lasted for 12 years since the top was made in 2008:
The first move up off the low may target 23.6% retracement of that macro decline off the top made in 2008 ( 58.44 ).
But it does not mean crude should keep moving higher in a direct way.
Most likely the first macro wave ( A ) up would be composed of three subwaves:
– A up, – B down, and – C up.
I think we are watching the final squiggles of the subwave A of ( A ) up and I expect that move up to turn down soon and start of a corrective subwave B down.
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