Elliott Wave Live: Crude Oil: Flash

Monday, October 25, 2010

Crude Oil: Flash

Mini crude broke above KR (key resistance) earlier today but has since made a reversal back to the same area of 82.7. What was once resistance should now be support. However should price trade below 82.7, wave overlap would have occurred indicating that the move from 79.8 was a counter trend move. My expectation is that the entire wave would be retraced with a potential target of 79.15 to complete a W-X-Y corrective pattern. Let's see what develops.

Best of Trading

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Monday, October 25, 2010

Crude Oil: Flash

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