$CL_F (10.14.2013)

Oil has turned lower after completing wave ( b ) @ 102.50. Expect a test of 99.60 – 100.37 to complete wave A after which Oil should correct the entire drop from 104.37 and trade lower again. We don’t like chasing weakness at current levels as cycle from 104.37 would be ending soon and we don’t recommend buying into proposed wave B as hourly cycles are still negative.

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