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We are providing technical analyzes for the financial markets and how they behave based on the Elliott Wave Principle. The Elliott Wave Principle gives you a method for identifying at what points a market is most likely to turn. And that, in turn, gives you guidance as to where you might enter... More
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  • Elliott Wave Count On Crude Oil Is Pointing Down Again 0 comments
    Jan 2, 2014 10:49 AM | about stocks: OIL

    Crude oil reversed sharply to the upside at the end of November, after five waves down completed an extended wave 3 which is typically the strongest wave in a five wave cycle. As such, we assume that recent contra-trend reaction back to $100 per barrel was only a contra-trend movement; wave 4 that is part of an impulsive drop from 112.20. Current reversal down from 100.80 appears to be very strong so maybe new leg down has already started. We suspect that crude oil will revesing 91.80 in the first couple of weeks of 2014.
    Crude Oil daily

    (click to enlarge)

    Written by www.ew-forecast.com

    Themes: OIL, Elliott Wave, OIL Elliott Wave Stocks: OIL
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