Crude oil is trading higher, after breaking above 35.94 at the start of the month which suggests that wave four can be making a flat correction. That’s a 3-3-5 pattern, so leg up from 28.69 should then unfold as a five wave movement. At the moment we should continue to look for more gains within wave C then, as current price is still only in blue wave three of a five wave recovery. In ideal scenario energy will find a top later this month near 39-40 area. But for now, however, sentiment is on the bullish side so be aware of even higher prices after short-term retracement down into fourth wave.
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Crude OIL, 4H