Oil Prices Set to Soar: Will $100 per Barrel be the New Normal?
Updated
According to the Elliott wave principle, the XTIUSD 4-hour chart appears to have completed a primary degree impulsive wave 1 followed by corrective wave 2. The current price action suggests that wave 3 of an ascending impulse is now underway.
It is anticipated that XTIUSD will face resistance around the 73.88-72.84 range, and as a result, is projected to climb higher over the upcoming period in 5 internal impulses, potentially reaching above 95/barrel.
Furthermore, a bullish batman harmonic pattern on the M15 further confirms this analysis. It is worth noting that if this forecast is accurate, it may trigger a rise in the dollar index as the analysis unfolds.
My medium term target will be 90/barrel, while my ultimate target will be 100/barrel of oil.
It is anticipated that XTIUSD will face resistance around the 73.88-72.84 range, and as a result, is projected to climb higher over the upcoming period in 5 internal impulses, potentially reaching above 95/barrel.
Furthermore, a bullish batman harmonic pattern on the M15 further confirms this analysis. It is worth noting that if this forecast is accurate, it may trigger a rise in the dollar index as the analysis unfolds.
My medium term target will be 90/barrel, while my ultimate target will be 100/barrel of oil.
Trade closed: stop reached
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