Crude Oil - Wave 4 rebound on course

As mentioned in my earlier post in September, the September low is likely to be the end of wave 3 and wave 4 has started and I expect this wave 4 to end around US$80 in 2017.

Looking at the daily chart, if crude oil price (WTI) continues to move above US$50 a barrel, then sub-wave ii of wave 4 is completed.

But if in the next 2 week if prices move lower to US$44 again, then the current high is the wave b of ii. We will have to wait for November for the starting of sub-wave iii.

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