UKOIL- No Clear Mandate to Producers
Brent oil completed the 3rd wave in an Uptrend. According to me I believe wave 4 down as correction should be complete. Due to the meeting of today I consider this correction wave to be completed on Friday market close.
BUT due to the NON Agreement on production this will have to be re considered. This whole move from the 37.32 up to 44.91 COULD be considered as a 3 wave correction. This is the problem with Elliotwave count.
I think the initial reaction on market open will be a big tank in prices. Some reconciliation should kick in and until some clear direction (Below 42.00 and even 41.5) or above previous high 44.91 I am neutral and will wait for further direction
BUT due to the NON Agreement on production this will have to be re considered. This whole move from the 37.32 up to 44.91 COULD be considered as a 3 wave correction. This is the problem with Elliotwave count.
I think the initial reaction on market open will be a big tank in prices. Some reconciliation should kick in and until some clear direction (Below 42.00 and even 41.5) or above previous high 44.91 I am neutral and will wait for further direction
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