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Oil Breaks To A New Low

Published 08/18/2014, 05:28 AM
Updated 07/09/2023, 06:31 AM

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.

Oil Hourly Chart

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