Crude oil has just tested the resistance line from 130.50 and should see a period of consolidation/correction towards support near 83.50 and possibly even closer to support near 77.59 before setting the stage for the next impulsive rally towards at least 106.18 and more likely closer to resistance near 124.00.
In the short term, a break below minor support at 89.22 will confirm that wave 1 has peaked and a correction in wave 2 is unfolding towards at least 83.50.
