ELliott Wave Analysis of Crude Oil 24 May 2010

In just a matter of 9 days Crude Oil has moved over 15%. Now tell me if there is any finance manager who wishes to hedge his exposures would not be happy to have such intelligence! Elliott Wave Analysis is powerful if you know how to use it. A recovery to $73 is likley, and a move to 75.30 is also possible. Traders should wait for the higher level (at least near 75) before considering any shorts. Hedgers of courtse should be more proactive. They should start covering in stages from 73 onwards, because the downmove is far from over!