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Oil; A Temporary Bottom?

Oil; A Temporary Bottom?

Crude Oil WTI NYMEX:CL1!

A bullish Crab pattern has formed and the Elliott Wave analysis also confirms that a 5-wave structure is at or near completion. These factors tell me that a short term temporary bottom is approaching.

In case of a corrective rally, the overhead resistance at 37.75 will be hard to break.

Good luck,

Ali Sharif Azadeh, CFTe, MSTA