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Oil, long held target below $37.75 remains but

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Near term crude oil outlook: No change in the bigger picture, bearish view over the last few months of declines below that Aug 24th low at $37.75, "ideally" into the mid/late Dec timeframe. Note that the action from the Aug low is still seen as a correction (wave 4 in the decline from the May high at $62.58), was completed at the Oct 9th high at $50.92 (A-B-C upmove) and continues to target those new lows (within wave 5). Additionally, the seasonal chart is lower into late Dec (see 3rd chart

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