We got the first leg down (A) of the second drop ((W)) to complete the big consolidation (((4))). I expect the retracement (B) to emerge soon to reach between 41.60 and 42.20 I highlighted the historical pullback with green ellipse for sample. Another drop down (C) could undershoot at 37.51, ((Y))=((W)) or overlap beyond the terminal point of wave ((W)) below 36.99.
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Price reached preset sell area = 50% Fibonacci retracement This is how I see what's going on inside on 15 minutes.
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Update - detailed map for the minor consolidation and last drop price target was adjusted to 37.45-36.28
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Update - no follow through selling after gap down and hitting $40 area, then it could be second leg of correction in wave C.
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The wave (C) is in progress with last wave 5 up underway. It hit the minimum target of the former top of wave (A). Soon should be a reversal
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USOIL (WTI, CL1!) is the leading indicator as we saw before. So this benchmark almost reached (C) = (A) = 39.75, only 5 cents undershoot. Then the reversal is around the corner
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Update - it looks like we got a very complex triple three WXYXZ in wave ((B)). The last leg up of wave C in (Z) in ((B)) could be in progress. It should tag the former top in wave (Y) at 42.60 before we will see reversal.
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Update - triple three WXYXZ played out as planned. The wave (B) retraced more than 78.6% and reversed. The break below 41.70 is needed to confirm the drop
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Updated labeling Watch 42.30 and RSI below 50 for confirmation
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Zoom in 15min chart Price didn't make a new high and didn't break the previous support. Let's see what will happen next
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Update - we got very complex but yet readable wave X of (Y) OPEC+ going to increase production tapering cuts