After a strong show in the last weeks, crude oil needs to make an obvious correction.
We expect the correction to be of ABC structure and it has already completed waves A and B.
Further, the structure resembles a bullish flag pattern and the price is at the upper parallel now.
Currently, the pair is forming a bearish flag pattern in the short-term charts and a break below could guarantee a safe entry to bears.
PS: Aggressive trades, refer to the resistance at 40.41 for the stop.
We expect the correction to be of ABC structure and it has already completed waves A and B.
Further, the structure resembles a bullish flag pattern and the price is at the upper parallel now.
Currently, the pair is forming a bearish flag pattern in the short-term charts and a break below could guarantee a safe entry to bears.
PS: Aggressive trades, refer to the resistance at 40.41 for the stop.