Crude - changing directional bias to bullish

Crude has arrived into the Green Target box. It almost tagged 100% ext at 51.41. It still can stretch a bit lower to tag that 100% ext. But at this point I change my bearish outlook for a short term bullish outlook. From this area we should expect another move up in wave E up targeting 62.50 or a bit higher. That wave E up would finally complete that huge corrective A-B-C-D-E triangle and set up a stage for a blood bath in crude oil that would last for several months. The target for that large decline in wave ( C ) of ( 5 ) that should follow the completion of that corrective wave ( B ) up shaped as a triangle is around $31.

Crude - Daily chart updated at 7-20 PM on 1-26-2020

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