Expected 4th wave back to between 80.00-104.00.
Oil has started to move up from the lows of 72.42 and now at 77.66.
Scenario 1:
What to expect from 81.40 a potential bat terminating at 79.50-80.40 or extending to 82.62-83.90.
Caution as price could fail between 78.00-79.50 and continue downside targeting 73.80-72.40-70.10 and break lower too.
Should price exceed above 78.00-79.50 then price expected to complete at 80.40 to 82.62.
Scenario 2:
From 93.70 there is a potential for another bat pattern formation.
93.70-70.10=XA
70.10-81.40=AB
81.40-72.42=BC
72.42-?=CD, CD= 100-162%*AB
CD= 72.42+11.00=83.42(100%), 72.42+14.00=86.42(127%),72.42+17.80=90.22(162%).
D = 113%*XA, Therefore 70.10+26.70=96.80(113%).
Scenario 3:
If price fails to break above 81.40 then there is a Bearish butterfly in play
70.10-81.40 =XA
81.40-72.42=AB
BC= 72.42-?? 78.00-80.42(62%-88%)
D= 127%*XA = 81.40-14.35=65.75, 68.63-65.75(113%-127%)
This is my analysis, not trading advice.
Oil has started to move up from the lows of 72.42 and now at 77.66.
Scenario 1:
What to expect from 81.40 a potential bat terminating at 79.50-80.40 or extending to 82.62-83.90.
Caution as price could fail between 78.00-79.50 and continue downside targeting 73.80-72.40-70.10 and break lower too.
Should price exceed above 78.00-79.50 then price expected to complete at 80.40 to 82.62.
Scenario 2:
From 93.70 there is a potential for another bat pattern formation.
93.70-70.10=XA
70.10-81.40=AB
81.40-72.42=BC
72.42-?=CD, CD= 100-162%*AB
CD= 72.42+11.00=83.42(100%), 72.42+14.00=86.42(127%),72.42+17.80=90.22(162%).
D = 113%*XA, Therefore 70.10+26.70=96.80(113%).
Scenario 3:
If price fails to break above 81.40 then there is a Bearish butterfly in play
70.10-81.40 =XA
81.40-72.42=AB
BC= 72.42-?? 78.00-80.42(62%-88%)
D= 127%*XA = 81.40-14.35=65.75, 68.63-65.75(113%-127%)
This is my analysis, not trading advice.
Note
Note
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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.