So far the decline still fits into an impulse which also contains a potential expanded pattern it the 4th wave position. It may come back where I have to adjust it, but we will deal with that when the time comes. There is a good possibility that this set of 5 waves is coming to an end, but we still have a long way to go.
At best, we could be coming up to an "A" wave and a zigzag would take us to new lows. That would give us an oil ending, by crossing to new record bear market lows with a 3 wave pattern.
Before you know it oil could be back into a bullish phase that will push north one more time. Any oil rally could coincide with a stock rally so this is something we should keep looking for.
Short term we may see a bullish phase and we need more evidence that the patterns are bearish rally corrections, so far it seems that way.
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