Crude seems to have given a clear 5 Wave up move from the 47 low, it seems that it is in a corrective phase now and is most possibly moving as an Irregular Flat Correction.
If it is actually progressing as an Irregular Flat then it is very likely that it will give a false breakout of the most recent high and form an Unorthodox top, it seems to me that it can go till 52 mark and then give a reversal from there, trapping the breakout traders.
If this pattern plays out as expected then we can see lower side targets for Wave C as
T2 : 50.20
I will update further as this market progresses.
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