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DOW JONES INDUSTRIALS

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There are a couple of ways to read the short term patterns after todays action.
Either wave [ii] has completed,
and the price is now heading lower in wave (i) of [iii].
Or;
Wave (c) of [ii] is still underway, tracing out a larger five waves within wave (c).

I favor the first point of view as shown on the short term chart.
Right now I'm looking for a further smaller degree five wave move to the downside,
to confirm that wave [iii] has begun.

Tomorrow;
Watch for todays high at 25812 to hold,
and for the decline in wave (i) of [iii] to continue.

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U.S CRUDE OIL

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I have switched to the more bearish alternate count today,
after the market broke that critical support level at 70.51.

Wave (iv) grey did infact create a triangle,
and the decline today looks to be wave (v) grey.
So;
The price pattern off the high is in a clear five wave form now.
and I have labelled the decline as wave [i] down.

At this point we can fully concentrate on the downside again.
And look for confirming price action this week.
That means,
Wave [ii] must create a three wave counter trend rally to a lower high before turning down into wave [iii].

Tomorrow;
Watch for wave [ii] brown to begin.
The initial target for wave [ii] lies at the 50% retracement level at 73.09.

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