The price failed to tag the former top of 43.40, but it's ok and the huge flat correction goes as planned (see related). We got move down and almost full retracement of it in place. Another drop is pending to complete the correction. The minimum target is located at the former low of 36.99.
The current move up is not an impulse as its 1-2-3 maybe (A) of yellow ((X)). Then the correction gets more complex and we will get stuck in the 43.40-36.99 range.
This could be more simple - just a zigzag wave (C) could be underway then. It could hit at least the 61.8% of (A) = 39.77 or just below the terminal point of wave (A). It can go deeper to hit 38.40 where (C) = (A). Watch reaction in blue box.
The target from my last update for this idea was reached at 43.40 - exactly to the tick. I think it's just lucky coincidence )) Now the market is consolidating within 39.84-43.40 range. We got sharp wave (A) down in place, which hit 39.84; now the wave (B) is underway. It could retest the former top of 43.40. Let's see.
We can hit between 80-100 in wave B to retrace 50-61.8% of wave (A), then down to tag the wave (A) termination point.
It could be a-b-c double zigzag in large wave A. We got a and b in place and wave c already kicked off. It's amazing that the trendline support wasn't broken yet.
Market its getting back his fine, and after breaking the resistance with force, market will try to get back his super high up
Earlier I posted an updated map where I was expecting a simple ABC correction down to hit 31-32 (see related) It emerged as double three WXY instead and the wave (X) ran deeper to retest the start of wave (W) making it classic flat correction. It looks finished as wave C of (Y) unfolded as an Ending Diagonal. It was broken up now and the calculated target is...
We got the first strong move down after a huge impulse up that more than doubled crude oil price and hit the target set at 36.90. The wave C up in a correction could be over soon and crude oil then could drop into the blue box area of 31-32.
The crude oil completed minor correction in wave 4 of (5). The last wave 5 of (5) is pending now. It could hit the area between 36.90 and 38.80.
The wave (X) took so long to unfold but at the end the structure is quite simple double three. Another drop should follow to complete the WXY correction.
Current consolidation shaped a beautiful triangular structure as all rules of EW triangle are complied. Watch breakout of triangle as CL1! futures could reach 30-34 area in blue box as target.
It looks like there wave 4 is building within double three WXY (yellow). (I warned about it in the update below the idea ) Wave X is in progress. It can hit former top of 32.21 before reversing down to the valley of 28.66. It's rather a sideways range trading. The market accumulates power to continue further up in wave 5 into the blue box. P.S. One could...
Brent crude benchmark could drop in wave 5 down into the blue box target area. The wave 4 could be over already as it emerged within a huge double three WXY. The wave Y is larger than W already.
Brent crude could extend it's corrective structure making a double three WXY. watch blue box area of 50-61.8% Fibonacci retracement for further clue. This an alternative view to augment the earlier posted idea. (see related)
Same story as in S&P 500 (see retaled) as global pandemics undermined the economy. Target 16 is a minimum to retest the former low.
We are in the last wave C of (Y) of ((B)) - it is a correction. The wave C almost reached the distance of wave A. The wave (Y) already hit 1.272 of (W). Watch breakout of the yellow downtrend. The target is the former top of wave ((A)) at 23.20 where the wave ((C)) will reach 0.618 of the former. If it breaks above on a strong impulse than we can reach 26 where...
Hello everyone! Traders we do not like to write more. The prediction of the price you can find on a chart! Regards, Team Traders "Powerful Traders" brent