Sorry ignore previous chart, wrong timeframe!
Looks like oil is flagging to complete wave 4 of 4 here. Should be done soon and then expect it to rally to 67 (38.2 fib level from highs around 108 to lows around 42) before dropping to sub 40, maybe 38-39. Longer term i expect it to complete an ABC pattern on the monthly around these lows and then rally to new all time highs, so plenty of scope for profit
Looks like oil is flagging to complete wave 4 of 4 here. Should be done soon and then expect it to rally to 67 (38.2 fib level from highs around 108 to lows around 42) before dropping to sub 40, maybe 38-39. Longer term i expect it to complete an ABC pattern on the monthly around these lows and then rally to new all time highs, so plenty of scope for profit
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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.