Dynamics of daily crude oil price was reviewed in our previous post  Oil Price Fall. We decided that today crude oil trend was correcting on Weekly chart and expected further bearish move on smaller charts.

Oil 4-Hour Chart

On 4-Hour Chart we are likely forming the corrective B wave up after we have done the first momentum A wave down. If bulls are not strong enough, they will surrender and bears will raise the flag to go on in C wave down.

 

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