We were looking higher on crude oil in this week after recent rally from 88.80 zone. But red wave B) pull-back was smaller than we thought but still in line with Elliott Wave guidelines if we consider that wave B) found a reversal point at wave 4 of one smaller degree, which is a very common situation. So, if wave B) is complete than wave C) is underway that may extend even down to 82.00 level. However, when wave B) is so small compared to wave A), then wave C) will also tend be short and fast. As such, traders should keep an eye on 86.00 support.

From a larger point of view, market is bearish against 93.37, but bullish above this level.

Forex Analysis by Gregor Horvat at ForexPros. com