Crude oil hit 1.236 ext. of possible red wave 1 of impulsive bearish count. Now 102.07 is the line in a sand - signal level which could inform us about high probability if invalidation of the red count.
On the other hand, 101.25 is the lower level of the wave (iv) of corrective count to the downside - and CL still resides in that target range.
Technicals clearly indicate wave 3 action - argument in favor of the red count. Within that count we may see 99.7 in the wave 3 - and then 98.79 in the 5th wave. Such sequence would complete 5 waves structure to the downside - strong signal of the top in place.
But before that happens we still have possibility of invalidation of that scenario - so I prefer watching before calling red count confirmed.
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