Crude OIL Could Resume The Uptrend
June 28 2016
Crude oil turned nicely down at the start of the month from 51.65 where market completed extended blue wave three, so our wave count suggests that recent bearish structure with three legs is wave four. In fact, decline from 50.52, labeled as wave C), already spiked beneath wave A) levels so minimum requirements for a valid correction were met, thus new bullish turn can be around the corner. Rise above 48.43 would suggest that lows are in. Overall, we believe that sooner or later energy will rally back to 51.65 highs.
Crude OIL, 4H
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