Crude - this rally looks corrective and approaching a strong resistance zone
Since the start of this rally in December 2018 I keep a bearish long-term view. I have been counting this rally as a part of a corrective wave ( B ) up of ( 5 ) down. That count implies a new drop to a new lower lows in wave ( C ) of ( 5 ) down as soon as this bullish pullback is over. At this point this rally looks like the whole wave ( B ) up. If we zoom-in to 90 min chart we will see that the area in between 63.65 and 64.80 is a Strong Resistance Zone. It stopped several strong swings in the past. Most likely it will stop this rally as well.