Brent Crude Oil looks to have been in a 3 wave corrective pattern since 2008. Suspect the low of $27 could have marked the end of the corrective trend that started mid 2008.
Since the low of $27 a motive five wave pattern has emerged with a correction to the 4th wave low of $44 Makes for a classic Elliot Wave 1 & 2. Next up should then be wave 3 - the most powerful of the up trend. Would like to see a break above $70 for wave 3 target at the minimum of $95
Since the low of $27 a motive five wave pattern has emerged with a correction to the 4th wave low of $44 Makes for a classic Elliot Wave 1 & 2. Next up should then be wave 3 - the most powerful of the up trend. Would like to see a break above $70 for wave 3 target at the minimum of $95
Note
So far so good. Would like to see a break of $60Note
A break of $60 is looking more and more atractiveNote
$60 is gone. Higher prices should follow towards the $70 level.
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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.