Brent Crude drop from $36.90 until yesterday seems to be a flat/corrective. Hence probability remains that there could be another high before Wave 5 terminates. As seen on the chart here, the fibonacci 0.618 extension of Waves 1 to 3 is seen around $38.99. The counts have been adjusted accordingly, leaving room for another push towards $38/39 levels before reversing lower again. Either way, Brent is on its way towards a long term bullish reversal and a meaningful corrective drop would provide yet another opportunity to initiate long positions. Overall, Brent Crude structure remains bullish against $15.00, going forward.
Strategy:
Long against $15, targeting above $50/60, long term.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Long against $15, targeting above $50/60, long term.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.