USOIL - Wave Revision - Wave E In Progress
In short I went through the entire pattern since 2009 once more in great detail and what I found is not exactly good news.
I am confident that what we are looking at since April 2020 is an ending diagonal Wave E.
In the short term I expect price to come back down to test support around 43.73.
I do believe we are going to start seeing this wave begin to contract as we see Wave iii, Wave iv and Wave v start to grind it out into a bearish wedge pattern.
The reason I believe this to be the case is because resistance is 77.20 and I don't see price going about that level.
After this move completes I believe we are going to see a third-of-a-third wave collapse in oil prices.
Please LIKE and FOLLOW to get notification of updates and future posts.
I am confident that what we are looking at since April 2020 is an ending diagonal Wave E.
In the short term I expect price to come back down to test support around 43.73.
I do believe we are going to start seeing this wave begin to contract as we see Wave iii, Wave iv and Wave v start to grind it out into a bearish wedge pattern.
The reason I believe this to be the case is because resistance is 77.20 and I don't see price going about that level.
After this move completes I believe we are going to see a third-of-a-third wave collapse in oil prices.
Please LIKE and FOLLOW to get notification of updates and future posts.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.