Oil is very close to completion of a wave (2). There is one dip in RSI remaining and simultaneously PMO is still in sell mode (possible target 42.26). The ensuing wave (3) could lead prices towards 52.16 and even higher. The situation (i.e. overall trend) will be re-evaluated afterwards, by examining the next correction characteristics.
Comments
Andrey.Ustinov
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Great symphony) totally agree
waiting for same scenario on Brent
cfetrader
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Thank you Andrey. EW should carry prices upwards via a 3rd wave. Afterwards we are faced with 2 options as follows:
ElPatron.Y
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Lovely
cfetrader
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Thank you LK, particularly since this appreciation of my work comes from an expert as yourself.
ElPatron.Y
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You are an expert yourself... I saw this coming 6 hours ago.
cfetrader
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Nice chart. All trend lines define well the directional probability.
waiting for same scenario on Brent