Hello traders! In previous posts we discussed how we believe a big opportunity was about to come in Oil after the completion of a cycle wave 2 at the bearish (blue in the chart) big wolfe wave target-fibo zone 57-63. However, price strongly bounced some point above, showing impulsive price action and a activating a bullish descending broadening wedge. Whether this is the beginning of cycle wave (3) or another zig zag in the corrective structure is still to be determined, but we expect another five leg up after a reetracement. No FOMO and watching it closely for now. DBW target is 99. Will update here. Bests, GMR
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leg up label. Possible buy opportunity at 79-79.339.
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here we are! sl 78 risk 0.5%
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wave 1 finished as labeled. Now zigzag retracement targeting the yellow box