We have encountered two gigantic patterns. Oil will visit both $48 and 120 USD. The question is, which price will it reach first?
The expanding wedge allows for the completion of the large flag that takes us to $120
Bull patterns:
A mega Flag A Flag And a symmetrical triangle that completely changes the down trend for now
Bearish patterns: expanding wedge
So, first we will see oil prices reach $120 USD, then the economy will start getting hit by stronger inflation cause by the high energy prices, which will lead us to a demand destruction and finally the prices will go down to $48 USD.
NOTE:If the 48 USD wedge occurs first, this will allow the oil price to be released of any pressure to stay in the 100 level.
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