Hello fellow traders,
Crude oil is sharply down, where we clearly see a five-wave decline, so price is turning bearish, but some support can be near, ideally around 54.00 level. At the same time we can also see a five-wave rise on a negative correlated FX market USDCAD, so at the moment it fits perfectly with energy. However, after that five-wave cycle, we can now expect a slow down into a correction before Crude oil continues to the downside and USDCAD to the upside.
Trade well,
The EW-Forecast team
Crude oil is sharply down, where we clearly see a five-wave decline, so price is turning bearish, but some support can be near, ideally around 54.00 level. At the same time we can also see a five-wave rise on a negative correlated FX market USDCAD, so at the moment it fits perfectly with energy. However, after that five-wave cycle, we can now expect a slow down into a correction before Crude oil continues to the downside and USDCAD to the upside.
Trade well,
The EW-Forecast team
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