Crude Oil In An Uptrend; Wave 4 Unfolding
Gregor Horvat | Jun 23, 2016 04:11AM ET
Crude oil has turned sharply lower a few days back, so it appears that five wave rally up from 35.19 is completed, thus a new three wave move down is underway. We are expecting a corrective decline, labeled as blue wave four that will ideally retrace back to 43-45 area, where we see 38.2% Fibonacci support, as well as length taken of wave two, where both can act as a turning point higher.
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