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Ukoillong

UKOIL Elliot Wave countThanks for viewing. This is my first post on UKOIL after doing several on US crude. Long story short, these didn't have the chart price history that UKOIL has. The way I see the count now is that the 2016 to present rally is made up of waves (1) to (3) and we are somewhere in the wave (4) correction. The most recent August to October rally was a 3 wave corrective wave B that is part of an expanded flat that has, or is nearing, its conclusion. I am expecting a rally shortly, and will be going long once I see a wave 1 up and wave 2 form. I partially expect this rally not to make a new high below 86.72 and there will be a new ABC correction. If there is a new ABC , there is still some room to go down before reaching wave (1) support at 57.18. The other scenario is that it will head straight into wave (5) up, on which case we should see 96+ quite soon. Wave 5 is often extended in commodities so it will likely be the largest move, and could go 100, 110, or even 120+ if that scenario plays out. That said, wave (4) are often the most complex and difficult to play. Crude is super volatile at the moment. Preserve those funds and good luck.
FX:UKOILLong
by flyinkiwi10
BRENT CRUDE OIL (UKOIL) (BCO/USD) 4-HOUR TIMEFRAME LONGThe price of brent crude oil (UKOIL) seems to be moving in an uptrend of late. This is because Saudi Arabia decided to take matters into their own hands and cut production, forcing the market to drive prices up (basic economics of supply and demand!). This is also coming at a time when the whole world seems to have forgotten about the bear attack on oil last year and the Kashoggi murder. But let's focus on the now. In order to enter a short, traders can wait for a retracement to the 68.46, which represents a previous support/resistance level. If you have been living in a cage, then you probably should know that OPEC stands for the Oil and Petroleum Exporting Countries, and they are the cartel controlling crude oil prices and supply. In the centre of this cartel is Saudi Arabia, which is the largest producer of oil worldwide. Muhammad Bin Salman, the crown prince of Saudi Arabia hopes to raise prices of oil for the benefit of his kingdom whilst he comes under constant pressure from westerners like who believe oil should be sold for peanuts in order for them to continue using their dinosaur fuel-guzzling Chevys and Ford trucks without feeling the wallet crunch. Guess who is at the centre of the "oil prices must fall movement"? Yes, you got it right, none other than Donny Trump!
TVC:UKOILLong
by munyaelliott