General overview for 28/11/2014
The impulsive wave progression to the downside triggered by the lack of a decision on OPEC meeting is still in progress as the wave 3 is getting extended to the downside. Please notice that from a bigger point of view on this Weekly chart, there is missing wave 5 to the downside to complete the Irregular Flat corrective cycle in big wave X. The One-to-One market geometry, marked in red rectangle on chart, and the demand zone between levels of 67.06 - 69.32 are working as a line of last resort for bulls. The extension levels for wave 3 might bring some support as well but if the level of 60.44 is broken, the chances for market to test the last long term swing bottom at the level of 33.23 will dramatically INCREASE!.
Support/Resistance:
33.23 - Long Term Swing Low
60.44-62.25 - 223%Extension
64.66 - 66.06 - 200%Extension
67.06 - 69.32 - 161%Extension
Trading recommendations:
No real need to buy the crude oil right now for a longer time frame than daily. Bias is still bearish as there are incomplete waves to the downside.
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