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JigneshDavda
Feb 16, 2016 11:46 AM

Perfect Rejection from TL & 61.8% Fib - Updated Count 

Crude Oil (WTI)FXCM

Description

Last week we saw oil bottom out and correct against the trend (see related idea). It looks like the correction has completed as price saw a sharp rejection from the Daily Trendline and 61.8% Fib. It looks like we are once again resuming the downtrend.

Chart includes updated wave count.

Please check the related ideas for the overall picture.
Comments
zhipengcfel
Which wave theory are you using? I am sure it is not Elliott wave theory.
JigneshDavda
Elliott Wave corrective structures - I could have labelled them as double zigzag's, but have labelled as structures of different degrees instead.
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