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Crude Oil: Correction Appears Complete; Weakness Could Extend To 90$ Per Barrel

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Apr 12 2013

Oil recovered nicely in the last few days from 91.80 back to 94.75 which was expected after a completed five wave pattern down. We were tracking a corrective bounce in the last few days which has unfolded very nicely and stopped at 94.75, almost on a tick at wave four resistance of one lesser degree. Notice that market reversed sharply lower few sessions back after completed double zig-zag. Fall us clearly in impulsive fashion which has also extended through the lower side of a corrective channel. This is a clear bearish signal for further weakness on oil prices, this time towards and through 91.80 support followed by $90-psycho level. New critical invalidation level is now at 94.75.




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