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Crude oil is trading nicely to the upside for the last four months and it appears that the market will move even higher in the days ahead, since we see just another minor correction around 50 level. As such, the market can make a new leg up to around 54-55 area for blue wave three circled as labeled on the daily chart, so for now we stay bullish as long as 42.52 level is not breached.

Crude OIL, Daily

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On the lower time frames, Crude oil is at new high as expected, now out of a triangle so wave 5) is underway to our upper targets near 51.50, followed by 53.00 where gains can be limited. Keep in mind that oil is now in the final leg of a five wave structure, so we will have to be aware of a corrective set-back later this month, into a three wave retracement. But for now, bullish sentiment still suggests more gains in the sessions ahead, unless price goes back beneath 49.50.

Crude OIL, 4H

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