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.