Oil so far has remained within the previously articulated scenario however the price retraced so far upwards that the situation unavoidably creates concern and discomfort staying put.
Usually the price does not turn on Monday hence my further concern that the outlined scenario may get sour during Monday early trading hours.
If however the scenario holds potential targets are 64-66 level formed by very strong support levels and 1.618 Fibo relationship to wave a. A dive deeper to 57 is also possible as oil is notorious for making an ultra extended dips and peaks. It would also make 2.618 Fibo relationship to wave a.
Usually the price does not turn on Monday hence my further concern that the outlined scenario may get sour during Monday early trading hours.
If however the scenario holds potential targets are 64-66 level formed by very strong support levels and 1.618 Fibo relationship to wave a. A dive deeper to 57 is also possible as oil is notorious for making an ultra extended dips and peaks. It would also make 2.618 Fibo relationship to wave a.
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โฑ๏ธ Timely updates of WTI, Gasoil, NatGas charts explaining every twist
๐๏ธ Extensive analysis archives
๐ Chartopedia, with examples of applying ElliottWave to real world charts