This is bit of a contra call since fundamental news points to oil moving higher in near term.
EW count is self explanatory; also note the RSI divergence. Crude is moving in an expanding wedge and has lacked upside momentum despite positive news flows. If the EW count is correct Crude could move to new lows in 2017 .
SL should be breakout from the expanding wedge (currently at ~ 55 and offers lucrative RR); 43 should offer medium term support.
EW count is self explanatory; also note the RSI divergence. Crude is moving in an expanding wedge and has lacked upside momentum despite positive news flows. If the EW count is correct Crude could move to new lows in 2017 .
SL should be breakout from the expanding wedge (currently at ~ 55 and offers lucrative RR); 43 should offer medium term support.
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