Brent crude: Updated map - impulse up is still in progress
Updated
It looks like there wave 4 is building within double three WXY (yellow). (I warned about it in the update below the idea tradingview.com/chart/UKOIL/5zQCRGZh-Brent-Crude-could-drop-to-13-22-1-50-in-last-wave-5-down/)
Wave X is in progress. It can hit former top of 32.21 before reversing down to the valley of 28.66.
It's rather a sideways range trading. The market accumulates power to continue further up in wave 5 into the blue box.
P.S.
One could wonder, hey aibek, why do you update brent crude so often and change the map in the opposite direction?
The thing is that the market is not static and more time elapses the more information we get.
This eliminates certain probabilities, that we build and creates new options for structure development.
And it is a constant process of changing with the chart as it always moves to the right ))) (old traders' joke).
Wave X is in progress. It can hit former top of 32.21 before reversing down to the valley of 28.66.
It's rather a sideways range trading. The market accumulates power to continue further up in wave 5 into the blue box.
P.S.
One could wonder, hey aibek, why do you update brent crude so often and change the map in the opposite direction?
The thing is that the market is not static and more time elapses the more information we get.
This eliminates certain probabilities, that we build and creates new options for structure development.
And it is a constant process of changing with the chart as it always moves to the right ))) (old traders' joke).
Comment
Alternative structure of current consolidation - Triangle Comment
Update - Could be a contracting flat then WXY correction has been completed.Target area updated.
Comment
It follows CL1!, which has more beautiful triangular structure. UKOIL less volatile though.
Comment
UpdateI think it's about time to reconsider the whole structure as wave 4 should be smaller than what we have now. In this case the outcome could be different as we can get stuck with a huge double or triple three consolidation. Fundamentally it is justified as economy is weak yet and 30 level is way too quick for it.
Order cancelled
the structure changed
Related publications
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.