Oil is looking north

FX:UKOIL   CFDs on Crude Oil (Brent)
Looks like a fine bullish wedge . On a weekly chart one can see bullish engulfing bouncing off strong support area .
Goldman Sachs warned of $20/bbl potential. I recall they predicted $200/bbl just before the collapse in 2008.

Feels like strong buy to me.
nice buddy
Agree. However I think there is still some time required. Seems to me that the price will retrieve back to 42$ levels before starting the bulls for the longer run. The 5 wave correction is not over yet. Please see my analysis attached

OK, thanks. However I think we can expect it sooner unles there is no compex correction. Have a look at a smaller subdivisions of EW pattern.
Even on monthly chart price action looks ridiculously promising. Such a nice pinbar and RSI deeply oversold demonstrating negative divergence. If not from here than 5 years from now we are going to 200 and beyond.
here's the engulfing

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