Oil Breaks To A New Low

 | Aug 18, 2014 05:28AM ET

Crude Oil broke to a new low last out from a triangle that can occur only in wave four, so we assume that leg down from around 97.00 is wave five, final part within wave (i). With that said, we expect a short-term recovery in three legs, in wave (ii) back to 97/98 area before downtrend may resume again.