Oil recovered nicely in the last few days from 91.80 back to 94.75 which
was expected after a completed five waves down in wave 1. We anticipated a
corrective bounce which has unfolded very nicely and stopped at 94.75, almost
on a tick at wave four resistance of one lesser degree. Notice that fall from
recent swing high is quite sharp and impulsive which has also extended through
the lower side of a corrective channel. This is a clear bearish signal for
further weakness, this time towards and through 91.80 support followed by
$90-psycho level. New critical invalidation level is now at 94.75.
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