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| Daily Chart |
We had discussed a possible 1-2/1-2 scenario for Crudeoil in our last post, refer it here. But I sense another possibility here. One in which the wave (5) of [5] being extended. In that case we may already be in the last wave of this wave [5], and hence of this long term pattern, forming since early 2009. If it is so, I need not tell you again, of the potency of the bear market that will follow. So we may still be in a third wave extension, but this possibility cannot be ignored. The target zone for this wave (5) of [5] ranges between 5500-5650. If we reach this area I would be "extremely cautious", to say the least, about the further potential of this up trend.
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