Hello there!
Crude oil broke above previous high eliminating idea of 1-2 down.
Situation is very serious as we were 55 cents off the low in wave 1.
Break up would invalidate the count.
But I am optimistic about the count as if it would be an impulse up it should have different structure.
Here we have corrective structure with many overlaps, especially in the beginning.
Despite that we can have another corrective structure making more complex correction.
Cautious traders should wait for the price to break below 35 to be sure its a move down.
Crude oil broke above previous high eliminating idea of 1-2 down.
Situation is very serious as we were 55 cents off the low in wave 1.
Break up would invalidate the count.
But I am optimistic about the count as if it would be an impulse up it should have different structure.
Here we have corrective structure with many overlaps, especially in the beginning.
Despite that we can have another corrective structure making more complex correction.
Cautious traders should wait for the price to break below 35 to be sure its a move down.
