Brent Crude: Watch Recovery For Another Sell
Updated
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.
Comment
Price reached preset sell area = 50% Fibonacci retracementThis is how I see what's going on inside on 15 minutes.
Comment
Update - detailed map for the minor consolidation and last dropprice target was adjusted to 37.45-36.28
Comment
Update - no follow through selling after gap down and hitting $40 area, then it could be second leg of correction in wave C.Comment
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
Comment
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
Comment
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.
Comment
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
Comment
Updated labeling Watch 42.30 and RSI below 50 for confirmation
Comment
Zoom in 15min chartPrice didn't make a new high and didn't break the previous support.
Let's see what will happen next
Comment
Update - we got very complex but yet readable wave X of (Y)OPEC+ going to increase production tapering cuts
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