SINGAPORE: US oil may pause around a support at $90.43 per barrel, as indicated by its wave pattern.
Oil is riding on a wave (b), the second wave of a presumed flat that started at the Sept. 11 low of $90.43.
This wave is expected to be totally reversed by an upward wave (c), which could start around $90.43.
There are a few other possibilities, should the coming wave (c) travel a much shorter or a much longer distance than the preceding wave (a).
These possibilities will be reviewed in due course.
The wave count will be proved incorrect, should oil break $90.43 and fall further, as such a break will confirm the continuation of the downtrend towards $88.50.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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