Energy market fell sharply yesterday with crude oil breaking below the recent upward channel. We have seen a daily close around 99.50 figure, far away from the open price so we assume that sentiment has turned bearish. In fact, with only three waves up from 97.00 to 102.20 we anticipate further weakness. In the short-term watch for a new decline to 98.50 to complete red wave iii). Any intraday scalps on the short side of this market would be invalidated above 100.86.
Crude Oil (May 2014) 1h Elliott Wave Analysis