Wave pattern down turned out to become a W-pattern following Oil

29 juin 2020

This is an up-date on my last publication. The wave "pattern down" did not extent beyond the low of the previous down movement and rather developed into a W-pattern. We can see something similar with Oil presently as well. The bias for the next two weeks should be bullish with a target towards 3330, but with a corrective wave around 3200 (resistance level). On a higher time level, we can observe a bullish wedge (yellow lines) downwards, which could be a good indicator (together with other ones having crossed bullish at a point in time) for an entry in case price is breaking out upwards. Currently, I will stand at the sideline meanwhile and watch out for a good entry point. A well formed W-pattern and a break-out from the wedge would be a good promise for a profitable trade. (It is not a general advice for trading it !)