Oil weekly chart

FX:USOIL   CFDs on Crude Oil (WTI)
321 40 5
As we can see from the chart that we are about to have a major breakout out the STL             for the bears to come in, with the price projection we can see oil             get to 60.00 level if all things are equal then 50.00 level is not far fetch if the OPEC meeting goes south. Now we can see that oil             has broken 50 level and heading to 45.00/43.10 level where we would see a short pull back and then price head to 39.00 level which would be a level to expect the bulls to come in,
happy new year, with oil price almost done with the price projection i gave last year 45.00 level
dp Justin
Happy New 2015 year and prosperity!

Congratulations with successful price projections!
now 60 level is achieved next move is 50 level but before price would hit that level we should not overlook that investors are not happy that oil price is down so any little good news would spike a big pull back so we are in the area where we have to be careful and protect the profit at all time, then before the 50 level hit we should expect a bounce off at 54.41 /53.52 levels for short pull back, is also possible that it may fail and 50 level would hit for there still no solution to the oil problem even what we have now is price war between the OPEC countries and the new oil founders if you know what i mean, for the look of things oil is heading to 33/30 level there it would now form a strong double bottom and i believe OPEC would wake up for then every country that produce oil would feel the pain but those that are not would laugh and enjoy the game .
dp Justin
Yes, I agree that investors nerves are stretched due to the fact that so deep Crude fall without any hint to correction. Any event now can be the spark to start the rebound.

Lybia is cutting production and shutting down two ports -- will it be the start of reaction?

And yes, the end of any rebound will be recognition of the fact that Crude oversupply hasn't stopped.
price is heading to 60.00 level
dp Justin
DP i saw it but what you should be asking or looking for is the momentum for that and i cant find any but though we all know that every spike down always has a 50% retracement so from what i see 71.00 level may be the end for the bulls pull back and the bears would come in after some investors have taking out their profit, so that 71.00 level may be that selling point for the move to 60/ 50 level . i believe that the bearish ABCD may fail or even the XABCD also may fail, they would not complete because oil lacks the bullish momentum to push up so be careful
dp Justin
Sure, being careful is the must.

Looking at 2008 drop event one sees the furious pull-back, but we didn't have any as yet. I think that we need one for bears to get recharged for lower low.

It looks to me that the whole pull-back consists of sequence of ABCD's having as a mid-point consolidation in the form of pennant or the likes,

Another point is that Vlad wont be left alone that easy, and that could be the factor for manipulated push down too.
Justin, take a look at https://www.tradingfloor.com/posts/good-tuesday-to-all-readers-wti-outlook-my-roadmap-on-the-30-mn-charttarget-1-7325-2665284
we can see that oil still in trouble and the big movers are not yet ready for the helping in solving the problem well for now price is heading 60 and 50 level is now even more sure to hit, on my chart above we can see that the first symmetry triangle projection for 72.00 has being achieved, Now 67.16 level is half move of the big symmetry triangle profit projection also we should not forget that 60 .00 is a strong support which would give possible a pull back before the free fall to 50 level
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