Complex price action continues in Oil. Decline from 102.24 -98.84 was a 5 wave move and though recovery after that has been corrective in nature as far as Elliott wave structure is concerned but it has broken the pivot at 102.24 in proprietary system due to which our primary view is that dip to 98.84 completed wave B as a FLAT. Rally from 98.84 – 101.61 was in 3 waves and we have labelled it as wave (( a )) of C. Wave (( b )) pull back is in progress and can reach as low as 99.60 – 99.78 before Oil turns higher in wave (( c )) toward 102.45 – 103.00 area to complete a cycle from 3.17.2014 low. After that it should turn lower at least in 3 waves or can drop to new lows below 3.17.2014 low.
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