Inflationary boom..followed by a bust
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From trend perspective, Wave B has been developing since May 2016 to now while at the same time USD has been developing Wave 5 up. So clearly this has been major headwind but is about to disappear. The only problem still is the high net spec long positioning which argues for some more basing
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Seems 46 lower bound
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It looks as if ED is forming on the lower degree scale in wave 5 position of what i think is C of C
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Wave B seems to me is forming a protracted triangle since May 2016. Currently should be in Wave 5 of C of C (so the 3rd wave within the triangle should be completing in short order and this would be final opportunity to buy oil. Hopefully some more net spec longs have unwound this week
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Or alternate is bearish 3D pattern which in any way should lead to 66/67
