It is possible for oil to move this way that is not popular these days as most of people waits for huge drop.
Large correction implies the strength of oil price above 100+.
It will be the second leg of the last move to finish large wave B.
Then it should drop to complete the whole structure within wave C.
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This is a classic change of market stages - after an impulse down there is a deep corrective pullback.
The Bear Flag pattern is in the making.
Another drop to follow once the price breaks below the pattern.
Aussie makes a very nice classic move - after breakdown it made a pullback (retest) and now it could drop
again to complete the entire correction and hit either 61.8% (.6956) or 78.6% (.6863) Fibonacci retracement levels.
That's why AUDNZD is in the red (see related)
This pair is breaking down support to complete the last leg withing a larger degree second leg of entire correction
before it will resume upside move.
1.03 area is the target where downside of the channel intersects with the 78.6% Fibonacci retracement level.
This pair has been trapped within a large complex correction between 1.38 and 1.20.
This move down started for the top could breakdown support soon to pass all the way down into 1.20 area to tag former valley.
Then another seesaw move before the final drop occurs.
Combination of valleys where the central one is lower than the left and the right troughs shapes the Inverse Head and Shoulders pattern.
Its a reversal pattern. Upside move should appear.
Watch Neckline to be broken for confirmation.
Target is equal to the depth of Head added to the Neckline breakout point.