As discussed on July 27, Crude Oil’s corrective recovery scenario remains in play and is still developing as expected. Oil edged higher after its biggest drop in a week, as Trump said his latest offer of talks to Tehran is Tehran’s last chance and that he expects a full reopening of the Strait of Hormuz.

Due to the newly opened GAP, the recent decline could still be a subwave "b" pullback, which may lead to another intraday rally in subwave "c" toward the unfilled GAPs in the 88–90 resistance area. This move could complete an ABC corrective rally in wave B before another decline in wave C toward the 78–73 support zone.