Preferred Elliottwave view is that CL_F (Oil) is correcting 4 hour cycle from 97.37 (3.17.2014) low and can reach as low as 101.30 (61.8 fib)before rally resumes. Shorter cycles suggest suggest recovery seen yesterday was a B wave and dip to 102.12 completed wave (( w )) of C. We are now expecting a bounce in wave (( x )) which can test 103.15 – 103.40 (50 -61.8 fib) area before Oil turns lower again in wave (( y )) of C toward 101.30. This would be a good level for a cycle to end and we should see Oil turning higher in 3 waves from there
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