Wave C may possibly now be complete, with crude finding solid resistance at the prior breakout pivot / double bottom, shown below by red arrows. Hopefully some traders caught some money out of this wave C. With the corrective pattern possibly complete, the odds now favor a return to the prior downtrend.
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As I type this, the trend is down. But, crude can sometimes need to return to retest a prior area, trapping new shorts in the process. I am now watching 4 areas for trade entry/exit;
Zone 1: 82.75-83.50
Zone 2: 81.00 - 81.50
Zone 3: 78.80-79.50
Zone 4: 75.00-75.80.
Watching volume closely in these areas will provide insight into the short term direction of the market.
Stay safe, good trading!
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