Crude oil prices plunged on Friday after OPEC's allies rejected additional production cuts of 1.5 million barrels a day from April 1 until the end of 2020. The rejection can mean that members could now produce what they liked starting April 1.
Earlier in the session WTI was traded to a low of US$41.11 a barrel.
If the current drop is the wave iii of E, WTI is likely to go to US$30.00 and below.
If wave E is not the end of mega wave (2), the next major rebound is likely to be a i-ii-iii wave X to be followed by another side way A-B-C, forming a major ABCDE-X-ABC mega wave (2).
However, if wave E is the end of mega wave (2), then the next up trend could be the mega wave (3), which I think is unlikely.
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