Crude Oil Technical Analysis Today
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.
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.
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.