An update on below idea:
Oil hit the 0.382 extension exactly around $84,07 and has since fallen sharply.
In my opinion this is the start of the correction of the move up from the lows in April 2020 to the highs in October 2021 which could end in the $50 to $58 area.
Just theorizing here that we're currently in the middle of wave 3 of A where A would complete around $61 before a correction before proceeding down towards that $50-$58 level.
Oil hit the 0.382 extension exactly around $84,07 and has since fallen sharply.
In my opinion this is the start of the correction of the move up from the lows in April 2020 to the highs in October 2021 which could end in the $50 to $58 area.
Just theorizing here that we're currently in the middle of wave 3 of A where A would complete around $61 before a correction before proceeding down towards that $50-$58 level.
Note
Approaching 1.618 extension so could be nearing the end of wave 3Note
1.618 extension reached
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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.