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Oil: Unfinished Uptrend

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Oct 26 2010

Oil was trading lower over the past few trading days, and formed a very choppy and slow pull-back. A personalty of a prices action looks very corrective, which means that higher levels are expected, since we came out with a complex (W)-(X)-(Y) pattern. A powerful bounce from 80.40 region seen over the past sessions suggests that an early moves of a red wave 5) are underway. More strenght expected towards and above 84.30!

Oil 4h chart:




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