Since Crude Oil drives so many commodity prices, one should always have an eye on it.
We are in a 3 wave correction (ABC) of the violent down move from the top.
After initial 5-wave move (i-v) in wave A, you can expect a retracement and another new high with a 5-wave move.
Most probable levels are posted based on Fibonacci characteristics of Elliott Waves
- Overall, long-term trend is lower
- Intermediate trend is higher
- Immediate trend is lower (with 55.80 as critical resistance)
Covering shorts or adding longs near end of wave B is good risk-management, despite outlook.
“You can afford to get the market wrong, but you can’t afford to get risk-management wrong.”