elyte

Will Crude Oil make one more dip before breaking out toward $60?

Short
FOREXCOM:USOIL   CFDs on Crude Oil (WTI)
Crude has been ranging between $38 and $56. Probably embarking on a triangle pattern. If this wave analysis is correct, we could see price dipping toward $45, completing the last leg of the triangle pattern, before making a giant rally to $60 or more. To trade this pattern, one will have to wait for this dip to happen and complete before looking for a bullish opportunity.

On the other hand, if price rallies above $56 resistance without the last triangle e-leg , one may suggest the rally has finally resumed. We could then re-analyze and look for an opportunity to join the bullish trend based on a new proper wave structure/pattern formed.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.