tomj2417
Long

One way of looking at OIL

FX:USOIL   Crude Oil (WTI)
112 1 2
If the February 2016 low was the end of a massive 3 wave decline for oil             we can expect some serious upside going forward. Wave principles suggest however that a zigzag correction would typically extend to the 100% extension of wave A which is why I describe this chart as only one of the ways of looking at OIL             . Details on the chart.
Great insight on a long term view for oil. I too have noted that oil migrates towards the 78.6% level. I noticed that the retrace from the high from 51.612 to 39.201 retraced to 78.6% level to 49.011. The recent move from 49.011 to 43.078 retraced 78.6% to 47.714. I wonder if the entire up move from 26 to 51 is in the process of being retraced. If so oil has the opportunity to stop the decline at 50%, 61.8% or its favorite level of 78.6%. The 78.6% level is about 31.00 - seems almost shocking given the amount of bullishness in the chats rooms here.
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out