Bullish Outlook :
The Crude Oil’s bear market could have concluded by Minor-degree extended wave C, in the February extreme-low at 26.05.
Technically, in the weekly frame a five-wave structure of Minute-degree to the upside will confirm the medium-term bullish case.
As denoted by the labels on the weekly chart below, the extended Intermediate wave (3) could have concluded its five-wave sequence down that started in August 2013.
Subsequently an upward corrective sequence, to the Fibonacci 0.382 retracement level, as Intermediate fourth-wave developing is anticipated for months ahead.
As denoted by the labels on the weekly chart below, the extended Intermediate-degree wave (3) could have completed its structure as a five-wave to the downside.
Subsequently a corrective retrace up, to the 0.382 Fibonacci level, as the same degree fourth-wave developing could be expected for coming weeks.
As denoted by the labels on the weekly chart below, the extended Intermediate wave (3) seems to have completed its five-wave structure.
A corrective retrace up, to the 0.382 Fibonacci level, as the fourth wave could be expected now.
As shown on the weekly-chart below, Crude Oil could have completed a five-wave structure as the Minor-degree wave C.
Bearish Outlook :
The Crude’s bearish stance remains intact in weekly frame. The ultimate fifth-wave down would be a sharp decline that will draw prices below the August 24 low at 37.75.
It is expected the market will search for its extreme low until the late December.
Bearish Outlook :
Crude engulfed the prior week by its persistent selloff. The next-Minuette-degree wave down would be a sharp decline that draws prices below the August 24 low at 37.75.
After the expected third-wave decline, the market will search for an extreme low in its final fifth-wave of the same degree.