OIL SLID DOWN TO 72.13!!! What next???
Updated
Expected move for oil from 74.89 for the last few days went higher to 79.72(79.50-81.00) then turned down to break below 74.60 down to 72.13(73.11-71.10).
Where to from here... Anyone's market, bear market = 70.00 or lower to 67.00 (probable), Bull market= 95.00 + (in your dreams now).
For a trader this is an ideal trading market, fast moves, range bound market.
Some number now:
64.41-94.99 then 94.99-72.13, within this price move I mapped the downside to 73.11-71.10 where AB=CD or A=C (got this).
94.99-81.47= 13.50(1/A), 81.47-89.83=8.40(2/B), 89.83-72.13=17.70(3??/C??), 72.13-?(8.40)=80.50(4/D??) THEN ANOTHER MOVE LOWER PROBABLE OR 72.13 completes 3 waves/phases(call it whatever you like) and price continues higher.
72.13 upside = 74.30-75.20 then 76.09-77.30 break above here then 80.60-81.80, failure to break above 74.30-75.20 then retest of 72.13 or break lower to 71.10-70.00.
Where to from here... Anyone's market, bear market = 70.00 or lower to 67.00 (probable), Bull market= 95.00 + (in your dreams now).
For a trader this is an ideal trading market, fast moves, range bound market.
Some number now:
64.41-94.99 then 94.99-72.13, within this price move I mapped the downside to 73.11-71.10 where AB=CD or A=C (got this).
94.99-81.47= 13.50(1/A), 81.47-89.83=8.40(2/B), 89.83-72.13=17.70(3??/C??), 72.13-?(8.40)=80.50(4/D??) THEN ANOTHER MOVE LOWER PROBABLE OR 72.13 completes 3 waves/phases(call it whatever you like) and price continues higher.
72.13 upside = 74.30-75.20 then 76.09-77.30 break above here then 80.60-81.80, failure to break above 74.30-75.20 then retest of 72.13 or break lower to 71.10-70.00.
Note
Trading at 76.05 today within lower price range.Have a great weekend.
Note
Price has been moving higher currently at 78.00, next price target = 80.60-81.60.
potential for consolidation at 78.10-78.83 price zone caution warranted. Break below 77.20-77.00 then expect 75.93-75.03.
Have a great week ahead.
Note
Price has been working well within the defined ranges broke below 75.93-75.03 down to 73.77, currently at 76.85...WHAT NOW ? Lets see expected upside targeting
T1= 80.06, T2=80.87 OR T3= 81.77 (A,B,C OR AB=CD etc) choose which ever labelling works for you. However if price breaks below 73.77 and 72.13 then lower price probable down to 71.10 -70.00 and even lower.
Have a great day.
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