Oil Forecast for TVC:USOIL by VladimirRibakov

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trendanalysis mtfa waveanalysis oil forecast sell bearish bearishdivergence supportandresistance correction bearishtrendpattern doublewave

D1 - Price reached a key resistance zone formed by the 161.8% (38.16) fibonacci expansion level of the first wave and the 61.8% (45.28) fibonacci expansion level of the second wave. Bearish divergence.

Expecting corrections to happen now.

H4 - Bearish trend pattern followed by a double wave correction.

Expecting the price to continue lower further.

Comments

Hi Vladimir!

Thank you very much for the analysis! Do you think that the price of the oil will drop now or at first it will go up to 43-44?

A_Bula

@A_Bula, you are welcome. My view was bearish, but it didn't manage to break below the trend line I wanted to see, and no we have new highs. So I am currently neutral.

VladimirRibakov

@VladimirRibakov, are you still neutral? )

A_Bula

@A_Bula, yes, if you want to follow all my ideas and analysis, I invite you to join our club - Traders Academy Club here: https://www.tradersacademyclub.com/

Thank you, that looks good !

Alexandre_Trading

@Alexandre_Trading, you are welcome :)

ok this is good. thank you for the update!

ProjectSyndicate

@ProjectSyndicate, you are welcome :)

Thanks Vladimir