Oil has not been able to break above the 50 level, but the bullish trend is still in place, next resistance may be the 60 level.
Oil WTI goes back up, but it needs to break above the 50 level in order to keep its bullish trend.
Oil retraces to the downside, but the bullish trend is still in place on the daily chart, it may consolidate for a while.
Another long term consolidation is developing on oil WTI on the daily chart. No bullish momentum in sight until it breaks the 50 level to the upside.
Waves of the 8-Hours Chart are drawn with chocolate lines. The 3-wave bullish 8-Hours structure that started in January 2016 already finished as it was confirmed by a break of its respective slope channel and AO Indicator of the older 32-Hours timeframe (see AOx4 on the 8-Hours chart).
We may see that within the A wave down of the 32-Hours chart the bears formed the A wave down on the 8-Hours chart, then transferred a flag for a while to the bulls who made the complex B correction wave and now continue to move the price down within the C momentum. Or me may develop the 4th correction wave up to be followed by the 5th momentum down.
