Oil Will Move Up Fast From Here

I know this chart might look too bullish for a lot of people but this is what my instinct tells me. Here the wave 3 will be extended.

It might go down a little bit in the next 1-2 days but probably not by much.

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Turns out I wasn't bullish enough...

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It will take a brief rest at $49.50 but certainly won't stop there.

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Will probably hit $50.05-50.30 then pull back to re-test $47.80.

Then it will shoot up again to $52-53.

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The currrent consolidation should finish soon. We are on our way to $53.

After $53, we should have a deeper and longer correction, which should last at least 2 weeks, that sends us back to the trend line at round $49.50.

And then we will be up again...

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This idea was invalidated yesterday.

I have a new idea here that can still take us to $53 and actually makes more sense...