Preferred Elliott Wave view suggests Oil completed ((B)) @ 94.91. Cycle from 94.91 has concluded at 90.86 which completed wave (( a )) of the new down cycle. Oil has tested 50 back of the decline from 94.91 and has seen a sharp rejection, we believe wave (( b )) has completed at 92.94 and an Elliott Wave (( c )) is now expected to take Oil to new lows below 90.86. Levels of interest on the downside are equal legs of (( a )) – (( b )) at 88.91 and 1.236 ext of (( a )) – (( b )) at 87.96.
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