After failing to hold above 58.79 price came back to test and hold support at 56.83. Longs seen as the higher probability move with a break of 59.79 clearing the way for 61.74.
1-2 buyers wave.
3 – Uptrust manipulation stops gathering.
3-4 SOW strong sells.
2-4 BTC back to creek and to ½ of wave 1-2.
4-5 rejection from BTC and ½.
5-6 SOW strong sells.
Crude Oil is approaching the highest level in 2.5 years, which is also a rather significant resistance level - 60 USD. The Crude Oil price is in a confident uptrend, which might be stopped by a long term trendline together with the resistance level @60 USD. The plan is to wait for the price to reach this resistance level and check its strength. If the price fails...
Possibly already completed wave 1 from yesterdays bottom and now in the correction of that wave 1.
Could be in wave 4 of C now to .382 of wave 3 of C to 5773, before wave 5 of C to 1.618 of wave 4 of C to 5754. Wave 3 up next (not plotted those waves yet).
Long at 5745 and 5788.
May have completed wave 4, possibly wave 5 next to 5995.
Looks bearish but the 4H candle has served bulls well recently.
Long from 5773, 5798 and 5830.
Last week Oil performed well breaking above the target and key resistance area of 58.79. This week we would like to see consolidation above this broken resistance now support, with a view for further advances towards 61.74.
Many of us were looking for a correction last week but crude became stronger and stronger ....
I think we may see some correction but it will be a buying opportunity
Lets buy it lower and have fun :)
Another alternative count and I prefer this one as if you zoom out on the chart the fibs point to the same level as 1.618 of the larger wave 4.
I believe that around 5980 could be a great shorting opportunity for around 400 pips.
BRENT Crude Oil UKOIL Update
A nasty failed break above the upper paralle lhas forced Brent
back to the lower parallel, the entry point was hoping for, so
am going long at 62.18 with stop under 61.90. And if this call
goes wrong and Brent breaks below the lower little parallel of
this flag forming now will reverse completely for fall to 61.12.
If it's going...
We've now reached the top of the channel.
The larger wave 3 breached the channel so this wave 5 should stay within it.
Expecting a retrace from here to .236 (5790) or .382 (5750) before a final push to 59+.
