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Oil: Elliottwave Structure suggests medium term low can be in place

Discussion in 'Forex Trading Signals & Forecasts' started by Sandra S., Nov 24, 2015.

  1. Sandra S.

    Sandra S. Forum Member

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    Short term reading of the Elliott Wave cycle suggests the decline to 39 at 11/21 ended wave (B) and oil has turned higher in a double three structure where wave (w) ended at 41.66, wave (x) ended at 40.41, and wave (y) of (w) is in progress towards 43.15 - 43.8 to end the cycle from 11/21 low. Once wave (w) is complete, oil should pullback in wave (x) to correct 11/21 cycle in 3, 7, or 11 swing, then as far as 39 pivot is intact during the pullback, it should resume higher again.

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