Get started
TRDVMA

Brent Oil Update- Oil may go down from this point on

CFDs on Crude Oil (Brent) (FX:UKOIL)  
TRDVMA Updated   
FX:UKOIL   CFDs on Crude Oil (Brent)
4
1
All time frame wave counts seems complete.If correct, oil may go back to 36 $. This would also mean that USDCAD will start moving up.
Comment:
Strong thrust signal as confirmation of larger down move ahead. USDCAD started moving up as well. Very good timing to jump long in this pair. However as there is a rate decision at FED today (at 2pm), I will opt to wait, as I don't like speculative surprises.
Comment:
Seems like there is some more juice left to squeeze out of oil. Still no significant breakout. I can see a wedge in formation at hourly chart which is a bear sign. Oil shall not go much further without an imminent and significant correction from this point on, if technicals are to be trusted. The moment Oil start going down, USDCAD will start moving up.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.