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Veejahbee

Crude Oil Bulls Have Overstayed Their Welcome

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CFDs em Petróleo Bruto WTI (TVC:USOIL)  
Veejahbee  
TVC:USOIL   CFDs em Petróleo Bruto WTI
Trend Analysis Chart Patterns Wave Analysis crude Oil Crude Oil Crude Oil WTI
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trendanalysis chartpattern waveanalysis crude oil crudeoil usoil
CRUDE OIL has just completed an impulse-corrective wave cycle and has the potential to decline to $53/Barrel. That's a 15% decline from the current market price.

  • The advance the bulls enjoy from wave (A) low unfolded as a double ZigZag correction.
  • According to wave theory, the market will resume in the direction of impulse (five-wave) once a correction is completed.
  • The correction also perfectly enclosed within a parallel channel (flag) and the price has broken the market structure.
  • Any further rally must stay below the $67.03/barrel invalidation level.

It seems the bulls have really overstayed their welcome..

What's your view on Crude Oil? Let me know in the comment.
Thanks for reading,
Veejahbee.
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