just a close up look of the idea, to track the move
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The first target box is hit
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a expected some shaking up in the box is a given
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Looks like correction in the first target box is close to an end, expecting further move upwards, accompanied by speculators screaming of crazy oil and wasting money on longs At the same time there is a chance to see a deeper correction on Friday, with the weekend's potential news, that should be of bears concern
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After a nice correction there is a time to go further up into the second box, at 50+ level
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the idea is still valid, here is one likely scenario for further development of an upward movement, considering there are two more days left of this week, however, we could be going straight up to the second box level
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Second Box target is reached! get ready for correction!
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The pull back yesterday was quite short, as a properly set dead cat's bounce, nevertheless, we should get to that 48.8-.6 (around) before reaching bear killing 53 level on wti - something like this...
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Based on the Price Action - correction was short- and we are heading back to 50 and higher
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there is the last target (around 53) to be reached - looking forward to it, together with spread reduction with brent
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With the contract rollover we get a bit closer to the final golden target. this would likely happen before October contract for Brent would expire, as it's been acting pulling truck for wti. though I have hardly imagine the targets for Brent in this case.
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with the recent hi renewal by Brent the picture became clear - brent to 60+ and WTI gets to the "Golden Brick"
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One more push and Golden Brick is taken over!
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it is probably a bit early to note, but with so much momentum it is already quite clear, that the third target would be reached within 24 hours. however, everyone should remember, that this pattern is BEARISH. So! once the Golden Brick is reached we should be going down.
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The final push is still to be made. as i was writing in the oil chat - the statistics of API and EIA, and expectations of OPEC meeting results should spin the price to the final target. 52.7-53.
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One more comment, and probably the last one on this idea - the ABCD pattern is bearish, so after we reach and stay in the Golden Brick area we should be going down to, at least, 46 level. however, there is a chance we may not be fully done, as there is a similar pattern - the blue one on the chart (quickly put, so no ratios kept), that could take us further to reduce the spread with BRENT
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The original idea was published here, it is much more clear in terms of timing and wht's'not we still can go higher, but even thought, getting form 47.5 to 52.4 was already a good prediction
as I wrote earlier this week API, EIA, OPEC should be bullish, so far two of them were. The reaction on EIA was not very bullish. This is quite bearish and DXY is furiously correcting up, devaluating the play. This is very indicative of ABCD being finally completed or to be completed shortly. There is still a chance that on today's OPEC meeting there would be more development to finally hit the 52.7-53 mark.