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Elliott Wave Charting: Oil Triple Top

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Elliott Wave Charting: Oil

Oil moved higher over the past few days, up to the 83.00 region again, where prices failed to break the level for a third time in a row. After the most recent test, prices fell by $1 which could be the fresh start of another bearish leg to come. If oil is not able to break through the $83 resistance area, and the S&P finds sellers, then a U.S. rally against the majors should be seen.

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