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Crude got that expected push down to complete subwave ( c ) of wave ( iv ) down
In my previous update I said that we should get another drop down:
“Crude holds potential for another drop to complete wave ( iv ) down.”
“Crude holds potential for another drop to complete wave ( iv ) down.”
and “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.”
Crude has got that final drop in micro wave v of ( c ) of ( iv ) into the Green Demand Zone. From here we can get another rally in wave ( v ) of C of ( B ). However, If crude goes under 61.8% retracement of wave ( iii ) down at 59.40 that would be a strong alert that crude has topped.
The critical support is at the low of wave ( b ) of ( iii ) at 58.26.
Crude oil - 90 min chart updated at 7:30 PM on 5/5/2019
