Crude oil is in a good position to make a rally.
Updated
The main idea is to buy oil futures. This conclusion was based on Elliott wave principle. I hope you know basics of this type of techical analysis, if not i suggest you to read elliott wave principle by Robert Prechter.
Lets come back to chart. Overall I suspect that we will see strong impulse move, that will end 4th wave and than we will see new bottom near 15 usd. The timing is always hard to predict, but depends on wave relations, its should take 2-3 years before we will see 15 usd per barrel. Yeah its a long run, but we have nice opportunity to enter a nice trade now, in the last move upside. I think that 4th wave of a big move down that started from 2011, will take form of a combination: zigzag - flat. We have already seen zigzag and AB of flat, now i hope to see a good impulse move labeled C that will end 4th wave.
Lets come back to chart. Overall I suspect that we will see strong impulse move, that will end 4th wave and than we will see new bottom near 15 usd. The timing is always hard to predict, but depends on wave relations, its should take 2-3 years before we will see 15 usd per barrel. Yeah its a long run, but we have nice opportunity to enter a nice trade now, in the last move upside. I think that 4th wave of a big move down that started from 2011, will take form of a combination: zigzag - flat. We have already seen zigzag and AB of flat, now i hope to see a good impulse move labeled C that will end 4th wave.
Note
Goal is 58.5-60 usd per barrel, stop loss is 42Note
11 dollars per barrel made. Expectations fulfiled
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