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Crude Oil: The Wave Pattern Is Pointing Lower


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May 08 2014

Crude Oil has turned bearish in mid-April when we called a bearish reversal after a very high but still only a three wave rally from 96.40 to 104. Notice that from that high market fell down in five waves through the support line connected from March lows. This five wave decline and breakout confirms the bearish trend that may resume very soon as rally from 98.70 also unfolded in three legs, very close to that broken line that can turn into the first resistance area at 100.50-101.00 zone; the second one is at 101.50-102.10. With that said, we believe that sooner or later crude will continue to the downside

Elliott Wave Clear Pattern Set-up Formula:

Three wave rally + impulsive sell-off + channel break + pull-back to support line that becomes resistance line= Downtrend Continuation

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