Wednesday, June 27, 2012

Crudeoil - Elliott Wave Analysis

Crudeoil is falling in clear impulsive pattern. We are currently in wave [3] of that impulse. There are a couple of steps still pending in this downturn. All the indicators are showing possible divergences, none of it is confirmed yet. On a larger fractal though we may just be falling in wave I. That paints a grim picture, and we may have a long long way to go. But that is still some distance from here, the strong dollar is causing the fall in commodities, and there is still some room in the very short term for the dollar to go up, before it halts for a while. I say wait till this down move is done, as meat of the move is past us, on short term. But any healthy bounce towards the 4900 - 5100 band should be sold into.

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