This is my opinion of market directions and waves after OPEC meeting.
Now we are in wave iii of wave 1 (only break through 39 will invalidate this)
wave iii will end at the upper line of fibo channel (green colour) at 55-56 mark.
After that, we wiil see corrective wave iv, test of trendline (1998-2016) and move on to wave v (60 mark), there price will collide with upper line of downward channel (red colour) (from 107 to 26) and 0.38 retracement of 112 to 26)
Now we are in wave iii of wave 1 (only break through 39 will invalidate this)
wave iii will end at the upper line of fibo channel (green colour) at 55-56 mark.
After that, we wiil see corrective wave iv, test of trendline (1998-2016) and move on to wave v (60 mark), there price will collide with upper line of downward channel (red colour) (from 107 to 26) and 0.38 retracement of 112 to 26)
