Crude oil is trading lower, now at our 28-29 projected area that we highlighted it at the start of the week.
It's not an ending diagonal as recent leg down from 31.38 is too long. As such, we assume that price can still be making an impulsive decline, now in wave 3, so we will even have to be aware of 25-26 area in days ahead.
We are looking at price action very closely and will change bias immediately if 31.38 is broken. We still think that sooner or later recovery will be seen, but at this stage we do not have nay evidences that bulls are already here.