Monday, February 15, 2010

Elliott Wave Bias - OIL

Crude is in a 3rd of a 3rd wave decline from 7804.  Although the rally from the low extended, the final leg of the advance is in 3 waves; which favors a complex corrective labeling.  Medium term targets (several weeks) are 6600 (100% extension) and 6426 (July low).
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