at 46.5 sends oil
down, triggered by Saudi oil
production freeze deal high probability of failure. From elliot
perspective this could be described as impulse wave 1, assuming this is wave one, the retracement is likely to occur at 0.5 fib of the move, given the oversold RSI
on the 60m chart, we are likely to find an entry at 45.35.
Wave 3 should be the greatest wave and is the objective of this trade. typically the size of the third wave is 1.618 the move of the first wave. However we could corrective structures in between the impulses, possibly forming bearish harmonic patterns
and forming a downtrend line.
4h chart looks bearish
and fundamentals are looking gloomy again.