Up-date on July, 8 analysis

15. Juli 2020

Finally, the leg dropped to approx. $39, which I did not expect any more. Here one can see, that it is not only important to get the prediction of the movements right, but also the timing. I failed on the timing badly in this case. Nevertheless, we go forward and here is the probable path. We have another W-formation building up and its extension could bring a price level up to between $43 to $44, which is also a Fib-time structure. The trigger could be firstly the higher than expected drop in stock level and may be an unchanged production level of OPEC+. I judge negatively, that price moved out of the main channel, which gives me the feeling that we have entered a topping process and a major change of price trend could be in front of us. (Remarks: the green and yellow horizontal lines are RENKO resistance/support levels)