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Crude oil has completed a complex correction labeled as wave II or B at the 42.03 level from where we started tracking a new bullish impulse. The impulse is in a five wave pattern, so there is room for much more gains on energy market since we see the current leg up as wave three of three. However, nothing moves in straight line, so be aware of a reversal lower into wave four, ideally from around $60 psychological level.

For more detailed analysis, check our VIDEO analysis below, where we also take a look at AUDJPY, NIKKEI225 and USDCAD.