We suspect that oil prices will make a new low in this week, after only three waves of recovery from 84.00 to 90 area. Market also made a sharp bearish reversal towards the support channel line which supports the idea that recovery was corrective and that wave B) is finished. As such, traders should be aware of a wave C) extensions down to 82.50 area in coming days. However, this wave C) is part of wave (E) which is final leg of a wave B triangle, so after that new low we will keep an eye on evidences of a bullish price action.

Forex Analysis by Gregor Horvat at ForexPros. com