In our previous review (Crude Oil Technical Analysis Today dd. August 5, 2016) we have concluded that crude oil market is building a 4th correction wave on 4-Hour chart.

4-Hour and 8-Hour Charts

The time has confirmed that we are facing a new bullish A wave on 4-Hour chart as its high on AO has overcome its respective previous high of the B correction wave. The new A wave plotted with an aqua line will give a birth to a 3-wave abc structure on 4-Hour  comprising a new wave on older time frame: either a 4th correction wave or a new bullish momentum A wave on 8-Hour chart.

crude-oil-4-hour-chart-2016-08-08

crude-oil-8-hour-chart-2016-08-08

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