Subscription: Micro Counts of Crude Oil & Nat Gas
Crude holds potential for another drop to complete wave ( iv ) down
Crude holds potential for another drop to complete wave ( iv ) down. Looking first at 90 min chart below you can see a clean corrective (a)-(b)-(c) down structure off the top of wave ( iii ) up. That is a wave ( iv ) down.
If we zoom-in to 15 min chart we will see a clean micro structure of the final leg down in wave ( c ) of ( iv ).
It looks like the previous low was only wave iii of ( c ) of ( iv ).And since then it has made a corrective looking pullback in a micro wave iv up.
Ideally we need to get another push lower in micro wave v down to complete wave ( iv ) down and set a stage for another rally.