EW Analysis - oil about to explode upwards. LONG (not short!)
This is wave 1 of the impulse erupting from this bullish triangle -
After the wave 1 impulse, we are looking for a valid three wave correction to call wave 2. This is a flat, a 3-3-5, wave c being an ending diagonal. Ending diagonals are exciting because they reverse sharply, as do triangles. When price passes through the upper trend line, I am expecting wave iii of the larger triangle thrust to be under way. It will be a sharp move towards. $60 per barrel. I forgot to put a steep green arrow pointing upwards in this illustration, use you imagination!
After the wave 1 impulse, we are looking for a valid three wave correction to call wave 2. This is a flat, a 3-3-5, wave c being an ending diagonal. Ending diagonals are exciting because they reverse sharply, as do triangles. When price passes through the upper trend line, I am expecting wave iii of the larger triangle thrust to be under way. It will be a sharp move towards. $60 per barrel. I forgot to put a steep green arrow pointing upwards in this illustration, use you imagination!
