The oil crisis has begun

On oil, we can see a huge declining channel on the logarithmic chart since the last crisis. This channel was tested and rejected in October. In mid-January, the channel was breakthrought and tested. If we want to specify a target, we move this channel up. According to the Fibo extension, which we will stretch from the low from 1998 to the peak before the crisis of 2008 and the low from April 2020 (daily open), we will reach a target of 310 USD. Note the bearish divergences on the weekly and monthly charts. These have been invalidated by the breakthrough and this is a huge bullish signal for the oil market.

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If oil reaches the new All Time High, the European Union is likely to plunge into a colossal blackout.

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It looks like oil is going to test a huge declining channel that has been broken ($ 84).
The second possibility is that the reflection will occur now.

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It looks like oil will test the gigantic channel ($83-84) and there could be a bounce.

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Oil tested a huge channel that was drilled in January. Now it looks like it will test the All time high. Such a huge channel cannot be ignored. That's why the upward bounce makes sense.

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The huge channel was tested again and there was a strong rebound. If that channel has been forming for 14 years, it should act as extreme support.

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On the chart, we see that oil fell back into the 14-year channel above which it held for almost a year. The yearly candle now looks like a gravestone doji. On the monthly chart, we see that oil has tested the center line of the rising channel of all history. It tested the bottom of the rising channel on the daily chart. So now it looks like a decisive moment before the end of the year.

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