OIL: It’s Only A Pull-back!
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Aug 13 2010
Oil reached 75.50-76.00 region, mentioned yesterday, where a recent swing point appeared. It seems that a red wave 3) has finished and that corrective wave 4) is in process, which may reach 78.00 region, before, a down-trend resumes. Bias remains bearish as long as the prices trades below 80, wave 1) low.
Oil 4h chart:
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