In our previous technical analysis of crude oil dd. August 8, 2016 we noted that 4-Hour chart was building a new bullish A wave.

4-Hour Chart

Brent is shaping a B correction wave (drawn with an aqua line) after the recovery impulse A wave. Though this B is not quite enough for a 4-Hour time frame, it has an inner subwave structure on a smaller chart.

crude-oil-4-hour-chart-2016-08-11

1-Hour Chart

The B correction bearish wave that is shaping on a 4-Hour time frame comprises a wave structure on an 1-Hour chart and counts 3 waves at least painted lime. A small bounce today is seen as a wave of 15-Minute chart currently but it might grow into a 4th wave on 1-Hour chart.

crude-oil-1-hour-chart-2016-08-11

 

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