Good day traders. Hope everybody is having a good time.

Today we will focus on Crude oil and its mid-term look.

Crude oil is trading bullish since the end of June when a higher degree correction found a base at the 42.03 level. This nice bullish structure that developed over the course of five months can be a suggestion of an unfolding bullish impulse. If that is the case, then even more gains will follow in upcoming days and weeks. That said as we look closely, we see price unfolding a red wave 3) of a higher degree 3 that can reach levels near the Fibonacci ratio of 138.2 of even higher around the 161.8 region. Just remember once red wave 3) unfolds, a new minimum three-wave reversal can unfolding into wave 4).

Have a nice day everybody!

Crude oil, daily