OIL fell sharply lower in February and made an overlap with 89.68 level and
invalidated our previous bullish impulsive count. As such, if recovery from
November 2012 low was not impulsive then can be only corrective because of
three wave movement, labeled as (a)-(b)-(c) up to 98 zone. Well, the
interesting thing is that decline from 98 was also in three waves with 90.27
overlap, which was probably wave X, part of a double zig-zag in red wave B)
that now appears complete around 97.80 after latest sharp decline towards the
lower side of a corrective channel. We expect more weakness from here and
ideally towards 83.00 zone.
For more detailed analysis on oil please see the video below, published on
April 5th.
Trade well!
For more analysis visit us at www.ew-forecast.com
VIDEO ARCHIVE April 5: EURUSD, S&P 500 and Oil :
