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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