Crude Oil - Has broken support

Crude Oil has broken support

As we expected the second launch to break below the support line from 98.75 was successful. That means the downside now is dominant again and we should at least look for a decline to the 100 - 101 area if the triangle scenario we speaked about on Thursday last week. However, a clear break below 100 calls for a continuation lower towards 98.75 and 96.59 to end wave c of B.

Short term the broken support line (now acting as resistance ) at 102.92 should be able to protect the upside, but only a break above 103.10 will indicate a move closer to 103.93 before lower again.

Duane
2014-05-26
Great job this week!! Wish that I had more capital to capitalize on all of your great calls! The ones that I have managed to catch have been extremely profitable. I really appreciate you sharing you v...
Roelant
2019-06-14
Dear Elliottwavesurfer,

Awesome action in your crude oil surfing 2019! Jumping these waves is a sure way out of economic slavery.
You deserve a slot on MSM. But that would be the end unfortunately...
Duane
2014-05-27
Hi EWS,

Just wanted to send a word of thanks for all of the hard work that you
do, and to show you that I personally have paid for my subscription many
times over with the fantastic work that you...