Crude Oil - 05112011

From yestarday's report .. "This current (5th within the diagonal) should terminate and encounter resistance near the identified $104.65 price level before a minor correction is expected. We do anticipate this move to have 7 waves and those waves should terminate near the $106.75 price level. Short term price target is $104.65 with a stretch at $106.75. Support is down at the $101.70 price level. Once this move is completed we anticipate that crude oil will sell below $94.00 a barrel. "

Not much more to say.. Crude is heading below the $94.00 price level.. I believe the $104.65 level should hold now given the mechanics and harmonic relations..

--Tony