We got the first leg down (A) of the second drop ((W)) to complete the big consolidation (((4))).
I expect the retracement (B) to emerge soon to reach between 41.60 and 42.20
I highlighted the historical pullback with green ellipse for sample.
Another drop down (C) could undershoot at 37.51, ((Y))=((W)) or overlap beyond the terminal point of wave ((W)) below 36.99.
I expect the retracement (B) to emerge soon to reach between 41.60 and 42.20
I highlighted the historical pullback with green ellipse for sample.
Another drop down (C) could undershoot at 37.51, ((Y))=((W)) or overlap beyond the terminal point of wave ((W)) below 36.99.
Note
Price reached preset sell area = 50% Fibonacci retracementThis is how I see what's going on inside on 15 minutes.
Note
Update - detailed map for the minor consolidation and last dropprice target was adjusted to 37.45-36.28
Note
Update - no follow through selling after gap down and hitting $40 area, then it could be second leg of correction in wave C.Note
The wave (C) is in progress with last wave 5 up underway.It hit the minimum target of the former top of wave (A).
Soon should be a reversal
Note
USOIL (WTI, CL1!) is the leading indicator as we saw before. So this benchmark almost reached (C) = (A) = 39.75, only 5 cents undershoot.
Then the reversal is around the corner
Note
Update - it looks like we got a very complex triple three WXYXZ in wave ((B)).The last leg up of wave C in (Z) in ((B)) could be in progress. It should tag the former top in wave (Y) at 42.60 before we will see reversal.
Note
Update - triple three WXYXZ played out as planned. The wave (B) retraced more than 78.6% and reversed.
The break below 41.70 is needed to confirm the drop
Note
Updated labeling Watch 42.30 and RSI below 50 for confirmation
Note
Zoom in 15min chartPrice didn't make a new high and didn't break the previous support.
Let's see what will happen next
Note
Update - we got very complex but yet readable wave X of (Y)OPEC+ going to increase production tapering cuts
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Related publications
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.