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Elliott Wave Charting
The technical outlook for oil is bearish, since we believe that the recent moves on Oil were part of an upward correction of a blue wave II/B, before a down-trend can continue.
A corrective pattern could be an expended flat, after wave C) found a top around the 76.00 region. If the top is already in, then the market should be bearish in the near-term where a break-out through 72.60 support will confirm a short move, once a black wave ii) completes.
Any move above the 76.00 region will signal for even more complex and extended wave C) leg, before oil will become bearish.
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