Let us see how the trend is developing?
Let us watch the shown channel for next big move!
The pair may correct for some time, but the wave count may suggest long term lower to parity!
The wave count may be acceptable!
Is the market going to follow this Elliott Waves Scenario?
A possible Elliott Wave count for the pair.
Crude may trade to as low as $62.5/bbl, then a possible higher to $80/bbl. The major down trend may resume at this level for eventual target of $20 area. Only sustain trading above $80/bbl negate this scenario and may allow crude to trade much higher. However, below $62.5/bbl WTI crude oil may trade much lower.
Let us see which way Gold price goes as per this chart?
Is this a possible elliott wave count for the LT of Russian Currency?
Could be a reasonable wave count to show the M/T trend of the S&P 500 Index?
Just update to a previous posting for USDTRY Elliott Wave count.
Crude oil has the potential to trade higher with a correction set back. The upside target could be as high as $79 area before a major reversal for long term drop to target as low as $18 for multi years to come.
Chart may explain it!