Oil so far has remained within the previously articulated scenario however the price retraced so far upwards that the situation unavoidably creates concern and discomfort staying put.
Usually the price does not turn on Monday hence my further concern that the outlined scenario may get sour during Monday early trading hours.
If however the scenario holds potential targets are 64-66 level formed by very strong support levels and 1.618 Fibo relationship to wave a. A dive deeper to 57 is also possible as oil is notorious for making an ultra extended dips and peaks. It would also make 2.618 Fibo relationship to wave a.
Love your analysis, Fomenka. I've been following it since Thursday I believe. Unfortunately I don't know EW's but I am also short. There's strong resistance in the 78-82 area - multiple confluences - and your setup adds one more confluence. I think it could be a great trade because consensus is bullish so it would be a real pain for many if price goes south. I am also concerned though about the trade invalidating but to me the most likely scenario is that first we have a swing failure of the prev high (around 81.40?) and after that we'll go lower.
Fomenka
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@Hatya0441, thanks a lot for these words. This week I got frustrated by prematurely calling the top in oil and gold. Comments like yours do make me want to keep sharing the analysis and make it better.
Hatya0441
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please keep sharing the analysis!
YouCannotBeSerious
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Thanks for the ongoing updates. I am staying out of this one. As you say, could go either way.