Crude Oil (ICE) Brent - "Big-picture" Bullish!
Updated
Crude Oil (ICE) Brent - "Big-picture" Bullish! [Alternative Count]
A proportional countertrend retreat should set the stage for the next leg of the advance.
It's way too early to get a read on a potential shape for Supercycle wave (b), but it should last for years and potentially retrace as much as 90%-105% of the wave (a) decline.
Stay tuned!
A proportional countertrend retreat should set the stage for the next leg of the advance.
It's way too early to get a read on a potential shape for Supercycle wave (b), but it should last for years and potentially retrace as much as 90%-105% of the wave (a) decline.
Stay tuned!
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Brent extended its climb up to 45.30 and then reversed. As with WTI, I've labeled wave ((iii)) of 1 complete with the wave ((iv)) retracement in progress. Support below today's 43.60 low (and counting) comes in around 43.02-41.62. The bells and whistles are likely to sound in advance, but trade below the 41.53 wave ((i)) peak would create ((iv))/((i)) overlap. An alternate possibility is that the 39.34 to 45.30 advance is just wave (i) of ((iii)). Still, the key level to hold is the 39.34 wave ((ii)) low. Trade below 39.34 prior to a five-wave advance from 35.74 would increase the likelihood that wave ((2)) is still subdividing (a double zigzag or a flat) by leaving the 35.74 to 45.30 advance with a corrective look (i.e., three distinct waves). On the upside, the next big upside hurdle to cross (above 45.30) is the 46.53 continuation Primary wave ((1)) peak. Resistance above there is around 50.45 and then 52.03.
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