Crude Oil : Wave 4 to start?

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 Crude Oil 60 mins chart 


Prices are moving in a higher highs and higher lows and is precisely moving in a rising channel. However, the black gold has faced the resistance of the channel and it is reversing, breaking the smaller supports. The short term trend is now negative and prices can retrace towards crucial  supports in coming trading days.

From Waves perspective, Crude Oil has completed wave iii of impulse and it is all set to dive to complete wave iv. This wave iv can test $86 to 84 $ over short term where wave (iv) of wave iii is placed. If it holds this level there is a high possibility for wave v to open.

The summation is Crude Oil can move down till $86-$84 over short term.

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