I'm bearish on oil because
1. Elliot Waves: On the 4H, It has completed the 5 Elliot waves. It's currently in the correction phase [C wave of the ABC cycle.]
2. Triangles: I've also used the Descending triangle to show the current downtrend in the C correction
3. Fibonnaci retracements - link up well with the Support and Resistance lines of the retracement
I'm betting on it going down to $58.
In the short term, it May likely retrace to $62.30 if it breaks the triangle at $61.30 mark. If it's unable to break that resistance line and stay above it, we'll be dropping down to $58. Not before trying to break the support line at $60.07 [which it has tried to in the last few weeks unsuccessfully]
1. Elliot Waves: On the 4H, It has completed the 5 Elliot waves. It's currently in the correction phase [C wave of the ABC cycle.]
2. Triangles: I've also used the Descending triangle to show the current downtrend in the C correction
3. Fibonnaci retracements - link up well with the Support and Resistance lines of the retracement
I'm betting on it going down to $58.
In the short term, it May likely retrace to $62.30 if it breaks the triangle at $61.30 mark. If it's unable to break that resistance line and stay above it, we'll be dropping down to $58. Not before trying to break the support line at $60.07 [which it has tried to in the last few weeks unsuccessfully]
Order storniert
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.