Crude oil is under pressure, but it may not be for long as overlapping price action in current decline forms an ending diagonal, ideally in wave c position of a flat correction. As such, bounce is expected to occur, but energy may see 48.50 before bulls may step in, and cause an impulsive turn.
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The ending diagonal is a special type of motive wave that occurs primarily in the wave 5 position when price has moved too far and too fast. Some ending diagonal triangles appear in the C wave of an ABC correction. In all cases, the ending diagonal terminates the move of larger patterns. They consist out of five waves, with each having three more sub-waves.
Crude Oil, 1H