Crude oil is moving quite aggressively to the downside after Trump signaled that there could be de-escalation in tensions between Iran and the US. Looking at the current price action, it really seems we are dealing with a deeper correction and that high from last week around 66.60 may have been a wave five of a leading diagonal after all. If that is the case, then the decline we are seeing now would be part of a corrective phase. So despite the sharp drop, we would still expect a new stabilization and a turn higher, ideally from the 59 support area, but after an A-B-C correction
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