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.

Roelant
2016-06-26
Hi Elliotwavesurfer,

Your forecast of the EURUSD waves and reversals on Brexit day were spot on! This was not chaos, the crowd followed a pattern!

GBPUSD was abolutely 100% too!Unbelievably accu...
Jonathan
2017-10-24
Your work is exceptional and glad I found you.
Duane
2018-03-03
Hey EWS,

I just wanted to thank you for posting your charts. They are of great help to me. Your charts are a great teaching aid for learning Elliott Wave.

Duane