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Friday, March 19, 2010

Crude Oil - Wave 2 is done and wave 3 down is ongoing




After a nice back test of the Ending Diagonal suport line I think it's safe to conclude that wave 2 is done and wave 3 down is ongoing.

A break below 79.17 is need to confirm wave 3 down, but it should only be a question of time before that's seen, calling for a decline to at least 77.05.

The bigger picture calls for a decline to suport in the 73 area.

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