its all about opec+ meeting outcome, either 48 or 40!
I can see that wave 5 in the chart is equal in length exactly on the January Future contract to W3, this is a common length for W5, W1 is shorter than both so it fulfils the conditions, breaking above 46.26 will signal upward continuation up to 47.9 which is 262% Fib ret of W4 and we will have an extended W5, also this level will see huge resistance because Brent will need to surpass the 50$ level, which can only be possible if OPEC introduced further cuts, not only maintain the the current 7mbpd cut. IMO introducing further cuts is a far fetch. maintaining the current level of cuts will probably result in a brief rally where after a correction will be due, minimum level of correction is 43.3 and 40 is reasonable TGT at 50% Fib or 38.5$ if it corrected to 61.8% level.
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