Crude Oil Bulls Have Overstayed Their Welcome

CRUDE OIL has just completed an impulse-corrective wave cycle and has the potential to decline to $53/Barrel. That's a 15% decline from the current market price.

• The advance the bulls enjoy from wave (A) low unfolded as a double ZigZag correction.
  
• According to wave theory, the market will resume in the direction of impulse (five-wave) once a correction is completed.
  
• The correction also perfectly enclosed within a parallel channel (flag) and the price has broken the market structure.
  
• Any further rally must stay below the $67.03/barrel invalidation level.
  

It seems the bulls have really overstayed their welcome..

What's your view on Crude Oil? Let me know in the comment.
Thanks for reading,
Veejahbee.