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Tuesday, May 24, 2011

Crude Oil - Time for a new impulsive downmove?

We might be stading just before the next impulsive downmove here. A break below 96.64 and more importantly 94.84 will confirm the next decline towards the 83.85 area.
My micro count maybe a little primature and wave ii is still ongoing in a c-wave rally higer towards 100.46, but it should not alter the bigger picture calling for further downside pressure to come.

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