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Elliott Wave Financial Price Forecasting

Crude Oil

by m.tamosauskas| May 9, 2014 | No Comments

21_oil_140509

The advance from the 1st of May low of 98.74 is seen as a counter-trend rally that is balancing the preceding sell-off from 102.20. The entire decline from 104.10 (outright contract) or 104.99 (continuation chart) can be labelled as a 1-2-1 sequence which limits current upside potential – the 102.20 high should not be broken in order to maintain downside momentum. What is the Elliott Wave count? There are two scenarios which are both assigned a high probability – the first depicts a 2nd wave counter-trend decline labelled minor wave ii. that is unfolding into a single zig zag decline from the 105.22 high and projected to downside at 94.41; the second advocates much lower objectives towards 81.90 in the months ahead as a larger expanding flat pattern labelled intermediate wave (2) is about to finalise.

Category: Crude oil

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