USOil has been bouncing between $40 and $55 for awhile now. Not knowing which way to go. If you’ve listened to the news reports and read all the briefs, you know that there is no consensus as to which way it is to head: up or down. From one week to the next, you get conflicting reports as to whether there is a glut or that cutbacks are having the desired effect. Well, from my perspective, it is VERY CLEAR what is to happen. And happen sooner rather than later! Read on….
This was the Monthly chart I posted back 2 months ago back on February 6th where I was predicting that we would be seeing $60 Oil this year and quite possibly much higher!
In this Weekly chart I posted above, what we see is that it is possible that we are seeing some kind of expanding diagonal formation here in the ending position of the overall wave (A). Yes, there are several possible different counts here but this is the one that I find suitable for now. In this ED, what we see is that the leg D may be completing or completed and that we could be about to see the leg E of this ED start. But what’s exciting is that the leg E could end up being the longest and most explosive of the legs of this ED and that we could see prices make it’s way towards that $60 mark or higher that I predicted 2 months ago! If that is to happen, we are to see over +1500 pips in this possible coming move up! PM me with questions/comments.