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OIL Elliott Wave Analysis: Bearish Reversal

|Includes: iPath S&P Crude Oil Total Return Index ETN (OIL)

Crude oil has turned bearish recently with a sharp reversal down from around 104.00 level and through the lower support line of a corrective channel. A reversal from the highs is very strong with increasing volume and momentum, and impulsive price action. Therefore we believe that wave (c) down is under way back to 96.40.

OIL 4h Elliott Wave Analysis

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