Crude Oil - The corrective rally from 26.06 is now complete
In my June 2016 post I call for Crude Oil to continue to rally towards the long-term resistance line (you can see that post by clicking here).
We have now seen a test of this resistance line. Not a prefect test, but close enough to fulfill that target. So at a minimum, we should see a decline to 57.48 and more likely closer to the 61.8% corrective target at 45.47 of the rally from 26.06 to 76.90.
Could we see a return and maybe even a break below the February 2016 low at 26.06? Yes! we could. That said, we should be painfully aware, that the corrective rally from 26.06 could become much more complex and the ongoing decline only is a X-wave that binds two corrections together.
What we can rest assure of from here is, a general downside pressure for weeks ahead and a decline to at least 57.48 and likely even closer to 45.47 before the possibility of a new rally to test the long-term resistance line again.
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