Complex (iv) Wave price Action: September Crude Oil
John Lunney of Walsh Trading - - Fri Aug 11, 2:25PM CDT

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.


John Lunney

Senior Technical Analyst

Walsh Trading

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