Oil Prices Under Pressure as Iran Deal Hopes Weigh on Energy

Crude is coming down, breaking out of the range, coming out from an abcde triangle within wave B that we have been tracking for the last two to three months. We see price that it's breaking below the lower triangle line, we should watch for more weakness within a higher degree wave C that can be made by a lower degree five-wave bearish cycle. It can actually be in the middle of wave (3) after Trump said the US was close to reaching an agreement with Iran, boosting hopes for a diplomatic resolution, so beware of bearish continuation; just watch out for short-term intraday pullbacks.Strait of Hormuz by artemegorovv via Shutterstock