Complex (iv) Wave price Action: September Crude Oil

September Crude Oil

Oil market manages to hold up above (1st) wave high of 47.80 posting shadow low at 47.98 before rising to establish a high of 48.98 and currently is trading at 48.83 in late afternoon action. A hold above +/-48.40 keeps rebound in gear and sets up a potential (iv) wave rally of a five wave impulsive subset advance. Rising above +/-49.15 will look to advance to roughly 49.70. We're the market able to sustain a rally. I'd be expecting a follow through in upcoming sessions extending to +/-52. Conversely, a failure to hold 48.40 would leave door wide open for a follow through to +/- 47.40. Major structural violation takes place below 47.77. I'd be forced to alter my current wave count. Information will need to be processed as it is becomes available.

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John Lunney

Senior Technical Analyst

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