Further to our previous review we provide today a new crude oil technical analysis on different time frames.

8-Hour Chart

The current bullish wave on 8-Hour chart may likely become a new A impulse wave of the new bullish trend as its current high on the Awesome Indicator has overcome high on AO of the previous B correction. This means that momentum power of this wave exceeds the power of the previous B correction. However, to make sure we see the new bullish trend, the 8-Hour chart should also receive confirmation from the older 32-Hour time frame.

crude-oil-8-hour-chart-2016-08-12

2-Hour Chart

If we explore smaller time frames, we will find out that the above mentioned bullish wave has an inner subwave structure containing of 3 waves of 2-Hour chart at least. Now we are facing the momentum C wave up in progress.

crude-oil-2-hour-chart-2016-08-12

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