Crude oil is turning down, but probably only into a wave 4 correction that can be either a simple three-wave correction or a more complex pattern with ideal support around 50 area. That said, as long as the price keeps trading nicely within the channel range, we remain bullish within a five-wave cycle.
At the same time, we are tracking EUR/CAD currency pair for a potential short opportunity. That said, after that five-wave decline from 1.5640 highs, we are observing a three-wave corrective rally back to around 1.54 resistance area, from where we may see a bearish continuation.
Crude Oil, 1 Hour Chart
EUR/CAD, 1 Hour Chart