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Sunday, July 31, 2011

Crude Oil - Five wave impulsive decline down

I must admit, that I had expected the [B] correction to drag on a bit longer, but the five impulsive decline from 100.62 is just what we would expect from the start of wave [C] down.
Looking at the hourly chart we can see, that purple wave i was the smallest, while purple wave iii and iv was equal in length. I would expect red wave (ii) to correct towards the 98.43 - 99.17 area before red wave iii down is seen. The next short term support is at 93.56 and when broken we should see a follow through towards 89.76.





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