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Crude oil came down as expected to 34.00 area where energy found support recently, which is another confirmation that sooner or later energy is going to be higher and that drop from September high is corrective. That said, a new five-wave cycle can be underway.

Crude oil, daily

On the 4h chart of crude oil, we see price moving higher, clearly with an impulsive personality away from 33.7 level, a move that also took out the trendline resistance so we think that more upside is coming back to August highs and towards 44-45 area that can be part of the first leg 1. That said, after wave 1, corrective wave 2 can form, and take price lower, towards the 40.3/39.6 support region.

Crude oil, 4h

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