Confluence of multiple support zones at the circled level on chart. Parallel trend line in light blue. .5 fibonacci retracement of 22/12 lows to 27/12 highs & previous support (dark blue line) all the way back to 10/12 which has acted as support on a few other occasions. 1 fibonacci extension level with 28/12 lows. A break of this level and we'll see an extended...
A retest of the strong $773 level to determine short/medium term outlook
Hit "long" term trend line resistance again. See a break of the RSI trend to hit our target (Red box)
Resistance at retest of break on 3rd august and .382 retracement of recent decline. Pace of move could make resistance futile.
5th Wave here stalling at .618 extension. Not strong resistance here, not surprised to see a break through with the dollar weakness across the board.
With the 4th wave hopefully in place at ~1.1 the 5th wave decline can now start. Taking the 1.0 fib extension of the points of the 2nd, 3rd and 4th wave, and assuming the 5th wave will be the same length decline as the 1st wave, we nicely coincide with the trend line support set back on the 15th March (tested on 13th April) at rougly 1.065
Channel connected from 1st + 3rd points in EW decline could indicate end of 4th wave. Incline channel in progress since 27th May, may hamper downside.
Support here in Oil at 3rd wave down / trend line. Short time corrective 4th wave into extended 5th wave decline.
Resistance found at end of C wave which coincides with the 1st wave in the decline of 13th apr - 6th may.
Support found at trend line at 3rd test. 17th March, 1st May. .236 Fib retracement of 22nd jan - 17th mar decline also found just below trend line
Some modest support found around .618 retracement of 13th April - 15th May rally along with .764 fib extension.
Support found at .618 fib retracement of 2nd April - 14th May Rally. 30 RSI also offering support
Rally from 13 April - 14 May in classic elliot wave formation. Corrective wave now in progress. Next leg down to C. First support around ~1.55, then clear down to 1.533