Since the beginning of July crude oil was falling down. The fall was breaking up into lower degree waves. However, it completed an impulse on the downside and entered a pullback mode. The pullback is breaking up into lower degree waves. The oil formed a triangular consolidation and has started its next leg up. However, the up move is subdividing into lower degree waves. After fi rst leg of the advance, the oil has formed a minor degree correction, which has taken support near the key daily moving averages. Overall, the oil can extend till $53.10-53.89. On the other hand, a swing low of $43.97, will act as a major support.

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