This is a critical support area for crude oil; if price holds then we could move sideways for a couple of days... However if we do get a close above the upper trend line then perhaps it is reasonable to assume that the bearish view is over.
If the price breaks below the support area then; there will be more down side...
It is still to early to know what will happen... For all we know this could only be he first part of the abc correction or maybe the beginning of a new bearish impulse cycle...
I will post a new elliottwave cycle in a few days as the direction becomes slightly clearer!
If the price breaks below the support area then; there will be more down side...
It is still to early to know what will happen... For all we know this could only be he first part of the abc correction or maybe the beginning of a new bearish impulse cycle...
I will post a new elliottwave cycle in a few days as the direction becomes slightly clearer!
