Crude Oil Intraday Update

I carried on from my last wave count and so far I can still make a bearish scenario work.  As I post, crude oil was going up so any alternate move could slice through the top trend line  The Gold/Oil ratio has hardly moved and is averaging around 21.5:1. Commercial traders are also net short so they don’t see a real bright bullish future for WTI crude oil. The USA is going to join the world club in being in the top three oil exporters, right along with Russia and Saudi Arabia.

I’m bearish on oil, but I’m looking for the pattern that shows the best 3 wave corrective crash before I turn super bullish on oil gain. Once this oil chart starts to do too much of sideways dance, then another better fitting wave count should be found.

This is always harder than it sounds, but constantly looks at the bigger picture as well. The top trend line shows that we have lower highs  still developing. At this intraday scale, this type of a trend line can get trashed very quickly.

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