USOIL - Wave Revision - Wave E In Progress
In short I went through the entire pattern since 2009 once more in great detail and what I found is not exactly good news.
I am confident that what we are looking at since April 2020 is an ending diagonal Wave E.
In the short term I expect price to come back down to test support around 43.73.
I do believe we are going to start seeing this wave begin to contract as we see Wave iii, Wave iv and Wave v start to grind it out into a bearish wedge pattern.
The reason I believe this to be the case is because resistance is 77.20 and I don't see price going about that level.
After this move completes I believe we are going to see a third-of-a-third wave collapse in oil prices.
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I am confident that what we are looking at since April 2020 is an ending diagonal Wave E.
In the short term I expect price to come back down to test support around 43.73.
I do believe we are going to start seeing this wave begin to contract as we see Wave iii, Wave iv and Wave v start to grind it out into a bearish wedge pattern.
The reason I believe this to be the case is because resistance is 77.20 and I don't see price going about that level.
After this move completes I believe we are going to see a third-of-a-third wave collapse in oil prices.
Please LIKE and FOLLOW to get notification of updates and future posts.
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