A follow up on previous ideas:
My thinking is the triangle breaks out soon and that wave B (white) of Y (yellow) at the recent low at 505X is complete and ultimately head towards high $60's.
Hi fellow traders.
Looking at UKOIL right now, we can see that the RSI indicator has fallen towards the oversold region and is currently looking for a rally to the upside. Considering that UK Oil Supply is to remain the same, and with the UK Iran Oil Tanker tensions rising, it looks like UKOIL could look to push to the upside.
At this point in time 64.20ish...
A smaller timeframe idea following from some recent ideas.
1.618 was hit so if this count is correct then we could be starting subwave 4 of 3 (or C); a break below $56,96 would invalidate this count.
If the $60 area is the end of wave C then there could be a big drop in price below...
Hello dear energy sector fans & oil traders, hope you're doing well! ;) Welcome to this special analysis on the WTI Crude Oil.
On the monthly chart we're currently inside a nice Equilibrium/tightening range, which will see a breakout coming towards the end of this year. This Equilibrium is also perfectly visible on the Weekly...
A small timeframe idea linked to these two ideas:
Possibly in the early stages of an impulsive wave 3, but possibly a dip in price before it gets going.
If price drops below $54,98 then this count is invalid...
The Brent crude oil is currently trading in a triangle pattern.
Two scenarios are likely to occur during the following trading sessions.
First, the pair could aim for a resistance level formed by the 23.60% Fibonacci retracement level.
On the other hand, a resistance cluster at 63.81 could provide resistance for the commodity in the short term.
An update to this idea specifically:
Thinking that A & B of of a larger Y wave are completed and C of Y could begin soon; the red dashed line on this chart is the monthly bearish trendline below:
All part of larger degree idea here that the...