Brent rebounded strongly from 27.08 to 36.14 within two weeks and touched the 0.382 fib level.
Now the price touched the upper line of the rising channel and met the resistance zone which formed from the previous minor wave iv.
The RSI also shows a divergence. The price needed to go down to compensate the divergence.
But the correction wave does not seem to...
It'll continue to 39,5
or it'll start downstream from monday morning next week?
Fundamentals are pointing down, ElA&APl are full of oil.. Rig Count is even lower - Canada too. And not to mention Russia..
If the wave counts shown on the chart is correct, then one possible scenario is that the prices will linger around the red trend line in between 30 and 32 dollars range for a while before making a push (as 3rd wave) to the 37-38 dollar range. So there is still time for the move to occur. Good Trades
