Here, I have updated the fib lines and channels, oil is likely to drop from here through Q3 and Q4, and maybe bottom in December 2022. OPEC is likely to keep increase production. We may see it as wxyxz to bottom right below 70. Next wave up might be a truncated wave that may not exceed 130. Monthly and weekly RSI is overly bought.
Note
It is worth noting that 77-80 will definitely ring a bell in the waves here as the 3/8 fib line while the bottom is 4/8 fib line.Trade active
TP1 around 102-103 reached. There is possibility to see a retracement (scalping opportunity with managed risk) from here or wait for 102.XX and sell the top later around 113.XX with full pedal.Note
Scalping long and short possible in counter trend movement from 102-113.XX. The short would be faster and long could drive will momentum. So buckle your beltNote
Already at 104.5. Nice momentum upwardNote
A lot of zig zag. And we may drop the third time to 104 again before shooting higher. Don't ignore RSI or Stochs.Note
We reached target and dropped fast to 109.1/2. This support may hold and send us back to 115.xxNote
The support never held and the bounce is not extended at the lower support. This looks like a penant abc bearish and about to start dropping further from 111Note
This drop is likely going to continue to 85/86 region. Later we may see 80 before any significant correction upwardNote
I see we have a divergence on daily and may go up one leg before going for 85/86 and 80 laterDisclaimer
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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.