Crude opened with a gap up yesterday and got faded overnight.
That actually fits well the main scenario.
That rally is just a temporary pullback in wave b up that may climb back to 61.50 or even 62.90
But it is not going to be an easy pleasant ride.
Wave b is always a bumpy road with a lot of barely predictable sharp turns.
This is how a classic micro structure of wave b up looks like (highlighted with the yellow square). I highlighted with thick blue lines the part of the fractal completed by Crude on the 30 min chart below.
Based on that commonly seen fractal of a corrective wave b up we may attempt to forecast a micro path for continuation of that wave b up on Crude 30 min chart below. Looks like Crude has played the first a-b-c micro structure and has started to play the second a-b-c micro structure pointing down. In general trading wave b is very risky because its depth and structure are hardly predictable. The only tradeable part of wave b can be its final subwave c (the green line) because it should have an impulsive five wave up structure.
That second a-b-c micro structure may push price back to 58.00 support. And then we should get an impulsive rally to complete that -a-b-c- up structure of the blue wave b up on the daily chart.
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