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Thursday, March 20, 2014

Elliott wave analysis of Crude Oil - Wave 3 higher should be developing


Crude Oil

After a perfect 61.8% correction of wave 1 at 97.00 I'm now looking for a break above resistance at 100.16 and more importantly a break above resistance at 102.92, which confirms that wave 3 higher towards at least 109.72 is well under way.

Only a break below the start of wave 1 at 91.25 will prove my count to be wrong and call for a much deeper decline.

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