Crude Oil Crash Intraday Update

This is the December 2019 contract.  During May the counter rally had many analysts forecasting the return of the bull but instead the oil bears came out out and decided to shred oil bulls which produced about a $6 price crash.

Since the April top I believe a diagonal decline is a high possability and started the count to help confirm it.

I have 2 zigzags in a row so that rules out any flat at this time, but it also means crude oil can come back and dip well into the previous wave 2 of the same degree. This would be close to the $62 price level and must not exceed above May 2019 highs. ($63.25)

The big test is yet to come so we have to see if any rally continues to be choppy or even go sideways for the rest of the month.

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