Oil; Higher?
4 Hour Chart trend: Long. Main price points: 56.55, and 60. Looking for: Wave V).
Oil traded higher in the Thursday US session, as prices found support at 56.55. It seems that this is the low of the corrective blue wave IV), discussed yesterday. Prices, however, did not trade in a typical 38.2% retracement pattern as first thought, but they did make a corrective trade of the same length distance as in wave II). Besides that, we can also count three waves down from the wave III) top. Traders with a long bias should be looking for higher prices in wave V) as long as the 56.55 lows and lower support line hold.
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