Monday, August 25, 2014
Crude Oil - Wave ii could be over at 94.45
The break below the base-channel should provide more acceleration lower towards at least 86.48 and more likely even lower towards 73.50 longer term.
Short term the question is whether wave ii ended at 94.45 or we need a little more upside towards 94.83 and maybe even 95.32 before wave ii is over and wave iii lower can take over for a decline towards 86.48. Wave ii could easily be over at 94.45, but we will need a break below 92.94 and more importantly below 92.61 as confirmation.