Crude Oil Outlook (Update)

I last posted about crude oil here. Since then, a nice extended 5th wave rally has ensued. However, it may be near completion.

The chart above shows that Wave5 subdivided into 5-waves (extended). Since it is in Wave-v of Wave5, I am inclined to think that the rally is nearly over. The 1.618 extension of Wave1 (in percentage terms) would indicate a top at $98.96, so my plan here is to short with a stop above $100.

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