After metting support at the first support near 95 Crude oil has been rising in an rising diagonal (wedge). We are now just below the 50% retracement target of the first decline from 114.83 to 94.63. As wave c of the diagonal can't be the shortest the ongoing wave e can not go higher than 106.41 (see the hourly chart below).Longer term a break below 92.58 will call for a decline to at least 70.04.
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