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Chart of the Day: Oil Reversal

Published 12/31/2000, 07:00 PM
Updated 01/27/2010, 04:03 PM

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Chart of the Day:

Oil

The 81.95 highs were taken out over the past weeks, before oil prices fell to their current levels, below the 76 region. The top of a blue wave III was taken out with a move of a blue wave V, before a turning point appeared, which suggests that a five wave structure (blue labels) in a black wave 1) is complete. That will lead to a corrective decline over the next few weeks or even months, into our Short, black wave 2).

TheLFB Charting: Oil daily view

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