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Oil reversed very sharply from 88.50 area, and fell through the red support in the past week. Personality of a decline and a daily close below red line confirms that temporary top is in place and that prices are headed lower, towards the 82 region. As such, we will be looking for a three wave decline since we believe that five wave, impulse structure from 72.60 region is finished.

4h chart:

oil 4h chart elliot wave

Guest post by  Gregor Horvat

30min chart

Five waves down on 30min chart confirms a bearish reversal, so we should see much deeper levels in coming days, once a corrective wave 2 is done. Wave 2 may retrace even to 87.00 area before prices will fall sharply again. Top at 88.57 must hold now.

oil 30min chart

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