As per our previous analysis, crude oil has formed a double three formation where price has accomplished wave B of corrective wave (B) of final wave (Y) of double three formation. The prices are trading between 200/100 & 50/20 Exponential with an RSI of 50.
At present, WTI Crude Oil is forming wave C of (B) of (Y), and the accomplishment of wave (B) is the starting point of wave (C). The scenario is valid until the price breaks out wave X. Hence, invalidation is wave ((X)) at 89.82. Traders can also draw a parallel channel by connecting sub-wave A with B, and connect with C. The drawn channel will provide evidence of the starting of wave (C).
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