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Thursday, 16 August 2012

Crude Oil H4, Daily & Weekly Update

 Two scenarios here:
1. One more up to finish the structure. The Current impulsive move is juset the wave 3.
2. Impulse finished stright into resistance @ 94.88 and this is the end of double Zig-Zag corrective move. Bearking through 92.67 would be the first clue that top is in. Classic bearish divergence between wave 3 and 5 helps the view.

On daily chart the price has hit 50%FibRet on is just shy of the previous supply area.

Seb




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