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Crude Ready to Tumble

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Contributed By: DailyFx

 Crude_Ready_to_Tumble

Near term in crude, 5 waves down are visible from the top which confirms that the larger trend has reversed. Crude reversed close to the former 4th wave extreme of 8300 therefore the next leg lower (either wave c or 3) is probably underway towards 71.50 (May low). Above 8332 would shift focus to resistance from Fibonacci at 8400 and 8500.