WTI Crude Oil - Low expected near 38.78
The rally from the mid-February low at 26.06 was in five waves (impulsive) indicating that at least an zig-zag (A-B-C) rally should be expected.
Wave A rallied in five waves from 26.06 to 51.67 and has been followed by a corrective decline (double zig-zag correction). This double zig-zag correction is now close to completion and is expected to complete near the 50% corrective target at 38.78 from where a new impulsive rally towards at least 62.58 is expected.
The first strong indication of a bottom being in place, will be a break above minor resistance at 41.83, while a break above 43.74 will confirm the bottom is in place and a new impulsive rally is developing.
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