Crude oil has turned higher yesterday, so we believe that first wave down from 42.46 is completed and that current recovery will be made by three waves. We are looking at wave 2 that can retrace back to around 40.00 area from where we will expect a resumption of big downtrend, into red wave 5). However, we want to see a-b-c sub-waves up before we can call end of a current short-term recovery. Invalidation level is at 42.46; as long this level holds trend is down.
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Crude OIL, 4H