Brent Crude Headed for $65, $75 or $80 in 2017?
Updated
Brent looks bullish based on confluence/alignment of 3 technical methods.
1) Elliot Waves - a 5 waves down and a simple ABC correction (with equal length A and C legs for a conservative target) gives C at $65.50. If C is equal to the high of the 4th wave the target is $69.60
2) Inverted Head & Shoulders gives a target of $78.65
3) The candles at 50% of the 3rd wave create a zone around the $80 level
We need to see a weekly close below $52.50 to put the above in doubt
1) Elliot Waves - a 5 waves down and a simple ABC correction (with equal length A and C legs for a conservative target) gives C at $65.50. If C is equal to the high of the 4th wave the target is $69.60
2) Inverted Head & Shoulders gives a target of $78.65
3) The candles at 50% of the 3rd wave create a zone around the $80 level
We need to see a weekly close below $52.50 to put the above in doubt
Comment
We have touched $70 which was the previous high set by the bearish 4th wave.Failure to test the $63-$60 area in 2018 will see prices head towards $80
Comment
A revised neckline running from the 4th wave high ($70) and the Jan 2017 high ($58) gives a modified/updated target of $90-$92Trade closed: target reached
$80 target achieved in May 2018
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