Oil prices found a support around $86 per barrel after five waves down
in wave 3 followed by a rally out of an impulse channel which confirms
the idea of a completed wave 3 and wave 4 pull-back in progress. We will
be tracking a three wave rise in wave 4 back to $89-$90 resistance area
before price once again breaks lower, this time through $86 per barrel
and possibly towards $84 support from November 2012.
Crude Oil 4H Elliott Wave Analysis Chart [click here]
For More Elliott Wave Analysis visit us at www.ew-forecast.com
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