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Crude Oil Sideways Within Larger Downtrend-Bearish Break in View

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June 19 2012

Crude made only three down from 87 to 81 area which means that this structure is corrective, but part of a larger incomplete complex correction. After a sell-off yesterday, we know favours a triangle pattern placed in wave 4. However, prices are now still only in wave (d) , so more sideways before going lower. If we are correct, the prices will now remain below 85.50 short-term critical resistance.

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