I still favour my bearish impulsive count but so far the crude oil shows not much of impulsive bearish development. So I came up with alternative count, that track possibility of another leg up for oil, starting with this Exapnding Leading Diagonal Wave 1.
Right now oil is on track for a retacement or breakout - as showun on chart. The rectangles marks the key weekly areas of high probability of reversal. If we see some bullish price action there, we might expect more upside to come. Break through will ineventably lead to more losses in crude oil and very probably to new low as wave 5 progress.
Entry:
(1)Buy Limit into orange rectangles area @ 88.00 - 87.80 or 87.23 - 87.07
SL: Very tigh, just below 87.80 or 87.
TP: Above wave 2 high.
(2) Sell Market on downside rallys if mentioned levels are broken (sell the spikes up)
Take care,
Seb
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