A cycle from 109.16 is over and some further strength toward 107.39 – 107.81 would be expected to complete wave ( b ) before Oil turns lower toward 102.60. Hourly cycles remain negative and hence we don’t like buying in proposed wave ( b ). Hourly trend line (110.70 – 109.16) is @ 107.80 and is expected to hold during the on-going wave ( b ) pull back.
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