Price remains below key resistance levels and the monthly Point of Control (POC). I think within the next week, we could see the lows taken out, which would then be followed by a bounce.
The key question is whether the wave (ii) correction (red scenario) is complete, or if we are poised for another rally toward $67/bbl.
For now, we are maintaining careful short positions. Fading the trend at the potential end of a [B] wave is generally a fool's errand; I've even added it to my rulebook as a hard taboo.
The slightly longer-term chart
suggests another potential scenario in green.
The key question is whether the wave (ii) correction (red scenario) is complete, or if we are poised for another rally toward $67/bbl.
For now, we are maintaining careful short positions. Fading the trend at the potential end of a [B] wave is generally a fool's errand; I've even added it to my rulebook as a hard taboo.
The slightly longer-term chart
➡️t.me/charta_energeia — regular Elliott Wave and trend analysis on Oil, Gas, and Crypto.
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➡️t.me/charta_energeia — regular Elliott Wave and trend analysis on Oil, Gas, and Crypto.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.