OIL IS HEADED UP AGAIN? THE FAT LADY AIN'T SUNG YET
Sorry ignore previous chart, wrong timeframe!
Looks like oil is flagging to complete wave 4 of 4 here. Should be done soon and then expect it to rally to 67 (38.2 fib level from highs around 108 to lows around 42) before dropping to sub 40, maybe 38-39. Longer term i expect it to complete an ABC pattern on the monthly around these lows and then rally to new all time highs, so plenty of scope for profit
Looks like oil is flagging to complete wave 4 of 4 here. Should be done soon and then expect it to rally to 67 (38.2 fib level from highs around 108 to lows around 42) before dropping to sub 40, maybe 38-39. Longer term i expect it to complete an ABC pattern on the monthly around these lows and then rally to new all time highs, so plenty of scope for profit
