Crude Oil - started the bottomong process in wave ( iii ) down

Crude behaves really well playing out a bounce off the bottoming target zone. We have been tracking a micro structure of the wave ( c ) of ( iii ). That wave ( c ) of ( iii ) should be composed of five micro waves. At this moment it looks like a micro wave iii of that wave ( c ) has completed. And it now plays a micro bounce in wave iv of ( c ) of ( iii ). That pullback may top at 57.20-57.90. AS soon as we complete that bounce we should get another spiky drop in wave v of ( c ) of ( iii ) into the bigger green box. That bottom should provide a good long trade because we should expect a LARGE corrective wave ( iv ) up which may come all the way back up to 64.30. I have made a very nice fat scalp in UWT off the first green box and now patiently wait for another move lower to go long again.

Crude Oil - 45 min chart updated on 21 November 2018

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