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Tuesday, January 28, 2014

Crude Oil - Look for an impulsive decline soon.

Crude Oil

As long as important resistance at 98.20 holds firm, I will be looking for the last impulsive decline lower towards the ideal wave 5 target at 88.53.
Short term I would like to see minor resistance at 96.43 protect the upside for a break below support at 95.73 and more importantly below support at 95.43 as a break below the later will confirm that wave (iii) lower towards at least 93.20 is developing.
Only a break above resistance at 97.18 invalidates the above bearish count.

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4 comments:

  1. UnknownJanuary 28, 2014 at 4:52 PM

    Can today's big rally means corrective wave 2 after leading diagonal 1? or now how to correct above count? thanks for your concern..

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    1. UnknownJanuary 28, 2014 at 5:53 PM

      this is my idea..
      http://screencast.com/t/fZpjKYBgnSw

      Delete
    2. Elliott wave surferJanuary 28, 2014 at 9:36 PM

      Hi Kwangho,

      I think your Count is very valid and represents a possibly low risk entry.

      Stay with and enjoy the ride.

      Kind regards
      EWS

      Delete
  2. UnknownJanuary 28, 2014 at 4:54 PM

    This comment has been removed by the author.

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