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Crude OIL : Correction Underway

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Dec 16 2015

Crude Oil fell down to our $35 target and nearly 50 cents lower before market bounced higher two days back. We see a nice spike at the low that suggests bottom in place. In fact, a divergence and five subwaves within red wave v) also suggests that market should recover in minimum three waves. Ideally price is now in wave (iv) that can be headed back to around $40.40 where former swing low can turn into a resistance. So for now, we are turning bullish for an a)-b)-c) bounce.
Crude OIL, 4H


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