Oil has dropped to new lows below 95.93 further confirming the idea that 98.87 was the end of wave B. Expect a test of 93.20 – 93.50 to complete wave (( a )) before Oil pulls back in wave (( b )) and trades lower toward 91.25 to complete wave (( X )). Hourly cycles are negative so buying into corrective wave (( b )) is not recommend unless of course wave ( a ) of (( b )) unfolds as a 5 wave move.
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