Crude Oil Technical Analysis Today
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.