Based on my elliott wave projections over the last 10 years, I'm looking into the possibility that we're still correcting from the uptick in 2007-08'.
Obviously wave counts are just an educated guess, BUT...look at July 2017. It appears to be a very great impulse wave form ending around Oct 18'. If we make a new low and go below $42.06, I fear there could be a large selloff. Keep in mind I am a bear currently, but I'm not seeing any upward momentum and we already touched 99% retracement.
Therefore: Oil needs help quick, or I'm projecting we could fall 50%.
Obviously wave counts are just an educated guess, BUT...look at July 2017. It appears to be a very great impulse wave form ending around Oct 18'. If we make a new low and go below $42.06, I fear there could be a large selloff. Keep in mind I am a bear currently, but I'm not seeing any upward momentum and we already touched 99% retracement.
Therefore: Oil needs help quick, or I'm projecting we could fall 50%.
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.
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.