Yesterday I wrote that we should see a impulsive move down towards the 93 - 95 area. The decline we have seen since has been right after the EW-book and we should soon see a test of the 95 support. Even though I expect a minor correction from 95 don't be surprised to see only a very small correction as we are in wave (iii) of 3 down. If 95 and more importantly support at 93 breaks we should see a decline towards the 83.51 area.Friday, May 20, 2011
Crude Oil - A decline right after the EW-book
Yesterday I wrote that we should see a impulsive move down towards the 93 - 95 area. The decline we have seen since has been right after the EW-book and we should soon see a test of the 95 support. Even though I expect a minor correction from 95 don't be surprised to see only a very small correction as we are in wave (iii) of 3 down. If 95 and more importantly support at 93 breaks we should see a decline towards the 83.51 area.
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