Previous drop was devastating, but based on a remarkable Diametric pattern, the correction phase for OIL may not be over yet.
If this pattern holds true something similar to drawn projection should happen.
On the other hand we have 36 level as an obvious PA support (next one is 26). It is still untested after the break and we can expect OIL to be supported at nearby levels.
If 36 holds as expected we should see approximately $70 dollars per barrel for OIL in coming years.
Afterward if price follows Diametric pattern, the price should be rejected somewhere around the top of bearish channel to test the lows.
An early breakout of bearish channel (if happens) AND 88 level is NOT expected with current fundamentals; if even happens, it can't be considered an end for Diametric (there will be still a different g-wave), but of course it will indicate the strength of the market.
If this pattern holds true something similar to drawn projection should happen.
On the other hand we have 36 level as an obvious PA support (next one is 26). It is still untested after the break and we can expect OIL to be supported at nearby levels.
If 36 holds as expected we should see approximately $70 dollars per barrel for OIL in coming years.
Afterward if price follows Diametric pattern, the price should be rejected somewhere around the top of bearish channel to test the lows.
An early breakout of bearish channel (if happens) AND 88 level is NOT expected with current fundamentals; if even happens, it can't be considered an end for Diametric (there will be still a different g-wave), but of course it will indicate the strength of the market.