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Wednesday, May 18, 2011

Crude Oil - Headed for the 101 area

We are corrently in the middle of wave (c) of wave (ii) of wave 3. Wave (ii) is an flat correction, which means that we should see wave (c) head for the 101 area. That would be just above the end of wave (a), which ended at 100.65 and at the same time it's the 61.8% retracement of wave (i) down from 104.59 to 95.30.

When this wave (ii) is over we should see a much deeper decline through 95 and more importantly 93, which will open for a decline towards 84.35 and probably 71.85.


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