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Elliott Wave Charting: Oil 4h Review

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Elliott Wave Charting: Oil

A five wave pattern shown from the 69.45 low is very near to completion. Our blue wave (5) is a final leg of that pattern is showing the structure of an ending diagonal, which signals for a coming turning point. Any break through the lower, red support line, will confirm that scenario and will put  minimum down-side target at 77.00 in play.

There is also strong bearish divergence shown on MACD that also signals for near-term lower prices.

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TheLFB OilTheLFB Charting: Crude Oil 4 Hour View

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