Monday, April 8, 2013

OIL May Have Found A Temporary Top Around $96.60



Oil fell sharply lower last week, clearly in five waves from 97.60 which means that trend has now turned bearish. We also know that after every five waves correction follows, so before we may look straight down again we need a three wave  bounce back to 94-95 area. This could be then a black wave 2 that will look for a resistance somewhere around between 38-61.8% retracement area. Critical/invalidation level stands at 97.63 because we know that wave two must not retrace more than 100% of wave one.


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