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Crude - keeps moving lower

Crude keeps moving down. It’s amazing that it took crude only three days to erase all achievement of a rally that took two weeks to climb.
DWT, VelocityShares 3x Inverse Crude Oil ETN helped us this time to nail the top of Crude. It’s very difficult to forecast where the first subwave a down will find support and a pullback in a corrective subwave b up starts. If you come back down to February 2019 you will see that Crude back then hit a strong resistance at 58.60 – 58.20. That area may work again but this time as support for the first leg down.

Crude - Daily chart updated at 10-45 AM on 1-09-2020

DWT dropped to the Green target box in the very final subwave c of wave (zz) down of the Triple Three corrective structure.
Note that first DWT bottomed at 200% extension.
But it only could produce a temporary bounce.
223.6% ext of subwave a is a much stronger fib than 200%. And it did stop that decline.

DWT - 120 min chart updated at 10-50 AM on 1-09-2020

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