Crude may have completed a 5 wave move. The last 5 wave advance is shown in greater detail on the hourly chart. Once this last wave [5] is done we may retrace back to the end of previous wave [4]. Within the wave [3] we had an extended wave (5), and hence the wave [4] retraced back to the area wave {2} of (5) of [3]. To confirm our view we have to trade below 98.25 levels, then we may continue the correction till we reach the levels of 92.70. I am expecting Crude to reach 114.80 levels in 3 wave to complete the wave {B} of a flat correction. So far we are on track. Right now I am looking for a downmove targeting the 92.70 area once 98.25 is taken out.
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