Crude Oil Long
Crude has taken a bit longer to "wobble" as per our previous crude call than expected, however, the time has come and crude is testing its lowside demand zone. The recent drop has put the market back near its .236 retracement of the previous clecline which started in Sept. 2013. We expect crude to revisit the .50 retracement level near $69-$70. There will likely be a bounce on the .236 level and then an uptrend to follow the bounce.
This bullish trend will complete the corrective cycle for the wave cycle which began at the highs in 2013.
This bullish trend will complete the corrective cycle for the wave cycle which began at the highs in 2013.
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