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September 16, 2010 ,Crude oil: About to flow down

In case of Crude oil the triangle turned out to be a second wave of the pullback. The pattern broke on the upside and formed wave c on the upside. Wave c almost attained equality with wave a and reached near 61.8% retracement mark. Daily MACD has reached the equilibrium line, thus has completed the pullback cycle. From hereon, the third leg down will begin and will unfold in a five wave manner. Initially the down wave will test the low of $70.76 and below that will target the equality ie $67. On the upside, high of wave c ie $78.1 is unlikely to get surpassed.

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