OIL At Critical Point - Gann Fan Analysis Pt. 2
Updated
Per my last prediction, I think since we have broken out we will reach 58.80 (with possible extension to 59.50) and head lower, since we will be overextended at that point. I don't think we will go higher than this, especially with recent bearish inventory data. Honestly surprised as to why it is rising after that data came out but, you know... Oil money.
Anyways, here is a cycle to watch. We have reached the longer term lower support after every 41-45 bars (57-61 days) cycle. If we follow this cycle or something close to it, the next bottom is predicted to be December 2nd - 6th. Watch this time frame closely!
Prediction: Short from 58.80 - 59.50 (We will top either today or next few days)
Reaching $51.00 - December 2nd - 6th
Anyways, here is a cycle to watch. We have reached the longer term lower support after every 41-45 bars (57-61 days) cycle. If we follow this cycle or something close to it, the next bottom is predicted to be December 2nd - 6th. Watch this time frame closely!
Prediction: Short from 58.80 - 59.50 (We will top either today or next few days)
Reaching $51.00 - December 2nd - 6th
Note
Note: Cycle has been broken, mostly due to ARAMCO IPO which in my opinion was inflating the market and manipulation to keep their price high.
Also, the December 15 tariffs were what a lot of people were waiting for, and since a slight deal has been reached, this inflated the market. I still see 60.80 as a hard stop and should go lower from here. If it breaks this level it should go to 66, which is the all time high resistance since 2008. Breaking this would be huge.
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