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A corrective wave ( iv ) down looks completed
In my previous update I said that we the whole corrective wave ( iv ) down may be complete:
“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 ).” This morning we see a move out of the low. Again, the correction may be completed. Crude still needs to play another (a)-(b)-(c) rally in the final wave ( v ) up.
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.
“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 ).” This morning we see a move out of the low. Again, the correction may be completed. Crude still needs to play another (a)-(b)-(c) rally in the final wave ( v ) up.
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 9:15 AM on 5/6/2019
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