A Bullish view on Oil

2 cze 2022

RN Elliot Describe himself in his book that the 5th wave in commodities is usually the longest and strongest.

Red channel is the Termination Channel, For wave 5 targets at centreline or topline
Blue channel is Corrective Channel, breakout or breakdown will likely guide the future trend
Black line is major pivots trendline, if price gets out of that look for short opportunities
I have used Fibonacci expansion for targets

sorry for Lazy labelling ;)

Below is my previous take on oil -

thanks for reading.