The rebound from the Monday low of $77.11 is labeled as a wave "B", to be followed by a wave "C" which will eventually drive the price down to $77.11 again.

It is not very certain if the wave "B" has been completed, as oil started to retrace after piercing into a range of $83.82-$85.40, the 50 percent and the 61.8 percent Fibonacci retracements on the fall from $90.52 to $77.11.

There is a chance for oil to edge up again towards $85.40 to complete the wave "B" and start a fierce wave "C" fall thereafter.

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