Crude oil is close to completing wave 4. Ideally we will see a dip just below 93.79 that will finish the ongoing correction in wave 4 and set the stage for the final impulsive rally in wave 5. The thing with the commodity complete thus is, that the fifth wave often extents and becomes elongated which in the case of Crude oil will call for a rally well past of USD 200 per barrel.
Support is currently seen just below 93.79 and is expected to act as a floor for the next impulsive rally higher.
