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Crude Oil Making Minimum 3-Legs Down

OIL 4h Elliott Wave Analysis

Crude oil turned down a few days back, slightly beneath the channel support line connected from the 50 level, so we assume that leg from 48.00 is now a completed five wave move. If that is the case then market will make a minimum three wave decline, even if reversal will be corrective and temporary. That said, we expect to see 56 as long as highs remains in place.

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