Oil - Retest of 49 before further lows?

NYMEX:CL1!   Light Crude Oil Futures
374 4 11
Green/Red lines have become very strong support/resistance
pivots since December of 2014. Prices broke down through green
on July 22 but it was retested on 8/31. Prices have been in slow
decline but have failed 4 attempts to break down through the
200 MA and finally broke back above the past 4 weeks of
descending triangle . Now it's time to retest this green-red resistance
I believe the retest of this distribution top has occurred and we will now start a decent down to retest the Lower Support Line previously tested on 8/24.
smitheric1970 smitheric1970
Most definitely negated... Oil still seems to be making a strong push to the upside, so time to step back and wait for re-entry.
smitheric1970 smitheric1970
Vit1980 smitheric1970
I follow your posts for several months. You're a real pro. Do you use Elliott wave in its analysis?
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