Green trendline support price since 2016. Again the trend line has supported the price on December 2018.
Now price is going down, there are many possibility to see a bottom on 85€.
That price is also connected to the 38.2 fibonacci level.
After the big crash of the us oil price now we have a great buy long term opportunity. The price has reacted after touching the 4/1 Gann level and now i will expected an up trend for the next week-month.
Similar situation on the weekly Gann analysis
This point could be the historical bottom for the wti market.
As i've said yesterday () the target i had expected for a bounce was 2450-2440.
The price is arrived near to this level (2441.18). Tooday i think we can see an up price. In my opinion the target for the day is near to 2530.
Based on tooday price movement we could undestand what the market will want to do in the next days.
Today opening will be relevant to understand which will the market reaction.
In this moment my primary idea is: market want to continue his down phase. In this case i think we could see a small bounce near to 2450-2440.
If the market had to arrive on this level we probably see a bounce.
In case of this idea will be confermed, I will update the analysis as...
As you can see on the image the market now is testing the 1/2 Gann Fan. If the price had to broke this level the situation will become critical.
The 2540 level is important because if the price will go down the main trend for this market change from bull to bear.
In this case first target can be 2350 and i think i will go short. If the market reject this idea...
After the minimum on the 15th of December and the bull reaction I think the market is ready for a correction in the short term. you can see my levels for this idea on the image.
For the long term i think the structure long until 5100$
