Oil has broken below the choppy wave 4 (pink) correction as mentioned in last week’s wave analysis. The bearish breakout is now aiming for the Fibonacci targets.
Oil seems to have completed a wave 4 (purple) of one lower degree than mentioned last week due to the fact that the correction was not as long as expected. Therefore, price action is likely to still be a in wave 3 (pink). Price seems to be completing a 5 wave (blue) pattern in wave 5 (purple).
Oil is showing strong bearish momentum and is heading lower towards wave 5 (purple).