Crude: Catch the Knife

I love it when the senior executives of  the Majors declare bear markets for ever. WTI is oversold both intrinsically and relatively.

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Some charting packages have the RSI reading positive divergence.

take a look at the                                          3:2:1 Crack

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I can clearly find 5 waves down in the first chart . Even if you think its going to 40 or even  32 

a retrace here is easy to imagine and 50% would bring it up yo the 4th wave of lesser degree around 53.