OIL has been gradually regaining strength over the last few weeks. A weakening dollar is helping to make this push upward as the bulls regain strength. Here we had a .382 retracement of this new bullish leg which coincided with the .382 of the major bearish impulse leg. From here it looks as if the market is on it's way to retest the 41.87 level which is my target 1. Target 2 is at the next retest of structure and at the 1.13 extension of the bullish impulse leg. Target 3 is between the at the 1.272 extension and the .786 retracement of the major bearish move at 46.00
Transaction en cours
⋅
Target 1 hit
Transaction en cours
⋅
Target 2 hit
Commentaire
⋅
Note: Being that we broke through the target 2 levels, we also managed to break through a previous resistance level.
Transaction en cours
⋅
Target 3 Hit!!!
Commentaire
⋅
Fourth Target Reached. If anyone held that long. Congratulations