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Chart of the Day: Oil Near-term Pull-back

Chart of the Day:

 Oil

4 Hour Chart Flows: Short Price Points: 68.60, and 79.00 Looking for: A bottom of a Short wave iii

Elliott Wave: Oil has been in a powerful bear trend after it reversed around the 79 zone over the past few weeks. We are now looking for an impulse wave count in a short black wave iii, that has recently hit support around the 68.60 area, where a temporary low may have been hit. Traders should look for a move higher in the near-term with a Long wave iv pull-back towards the 73.00 zone. After wave iv is finished, a down-trend continuation with a Short red wave III) will continue.

The bearish wave count remains valid so long as the market trades below the 79.00 resistance area.

oil289.3

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