US Crude Oil Chart Technical Outlook

US Crude Oil Chart Technical Outlook consolidates within the 4th wave. There has been little net movement in US crude oil as the market awaits the FOMC minutes.
From a technical perspective, this consolidation could be seen as a 4th wave correction in a bearish 5 wave count. A break of yesterday’s low will confirm follow through negative momentum. The 261.8% extension, and common target level is located at $77.77.

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