Crude Oil Wave Technical Analysis – September 2, 2016
Crude oil has been depreciating for the 2nd week already. Should we expect its recovery?
Waves of a weekly time frame are drawn with grey lines. They show us a bullish correction that has not yet supported by the older 4-month time frame. That is why we consider this growth to be a 4th correction wave within the big bearish trend that keeps running since 2012.
A smaller 32-hour chart that is 1 full day and 8 hours more gives us an overall bullish feeling as it fully supported by the older weekly time frame. However, the main blue line of the Awesome Oscillator is going to touch its green balance line soon. Take care!
Waves of 8-hour chart are plotted with chocolate lines. While the Awesome Oscillator of the older 32-hour chart remains positive above the zero line, the 8-hour time frame continues to build a chocolate bearish B correction.