Crude Oil - Break above 49.42 calls for rally to at least 67.20
Crude oil is just a split hair from confirming that the triangle consolidation in wave B is complete and wave C higher to 67.20 is developing. A break above minor resistance at 49.42 will be the first strong indication that wave B has completed and wave C higher is developing, while a break above the top of wave D/ at 50.43 will confirm the expected rally higher to 67.20.
Support is now seen at 47.00 and 45.58. An unexpected break below the later, will revive the triangle consolidation and call for a move closer to 43.82 to complete wave E/ and B.
Support is now seen at 47.00 and 45.58. An unexpected break below the later, will revive the triangle consolidation and call for a move closer to 43.82 to complete wave E/ and B.
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