raised from 42.03 to 62.58 within the last two month. Last week it breaks out the rising channel
and nearly went back to no man's land. From the Elliot wave
has completed the wave 3 and is now in wave 4. If it does not go back to no man's land, its rising channel
will change to another flat rising channel
and go up to 63.7~65.7 to complete the wave 5 and then going down. The previous rising channel
will be a resistance to oil's up trend at the moment.
Based on gann's theory the 45 degree trend line
is the most sustainable one. After oil
going to this flat rising channel
, it might not last too long. After it completes wave 5, it will go down quickly.
Comments and suggestions are welcome!