Oil Elliott Wave AnalysisHello friends
On the oil chart, we are witnessing the formation of a 5-wave bullish pattern, which indicates an increase in the value of oil. This 5-wave bullish wave has completed wave 5 of 5.
Between waves 2 and 4, we also witness an alternation, and wave 3 has more microwaves or, so to speak, more complexity, and this is a confirmation of our analysis.
This means that the price increase has reached its end. The possibility of an increase in the price of oil is very small, unless wave 5 forms more complex microwaves (such as wave 3, which has more microwaves).
Now these 5 waves can be wave 1 or A, and the corrective wave after that is wave 2 or B, which I give a higher probability of forming 5 waves.
In both cases, the price of oil must correct.
This correction can continue to 50% ($ 76) or the downward trend line of the previous wave, which is the 76.8% Fibonacci range ($ 73).
Be successful and profitable.
