As expected, crude has completed the wave ( a ) of ( v ) down precisely into the green box!
In the previous update I wrote:
“A the moment I see two high probability bottoming zone for this move down: 43.40 – 43.00 and 42-41.80.”
Crude has bottomed at 42.36 ( please check the second chart below).
My expectations have not changed. I stil think the bounce we see now is a start of corrective wave ( b ) of ( v ). As long as this bounce stays under a meaningful resistance of 53.60 I would expect another final move to a new low in wave ( c ) of ( v ).