Crude OIL Undergoind A Correction, Attainable Turning Level Round 45/46 Space

Daily Forex Technicals | Written by Elliott Wave Financial Service | Aug 23 16 09:40 GMT

Sharp reversal down from above $ 49 on October ’16 contract of crude oil suggests that market entered into a new consolidation phase. We see current leg down as wave A that is part of a three wave set-back in wave four. That said, more weakness will be expected within a retracement but resumption of an uptrend will be expected from around 45/46 levels.

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