Oil raised from 42.03 to 62.58 within the last two month. Last week it breaks out the rising channel and nearly went back to no man's land. From the Elliot wave theory oil has completed the wave 3 and is now in wave 4. If it does not go back to no man's land, its rising channel will change to another flat rising channel and go up to 63.7~65.7 to complete the wave 5 and then going down. The previous rising channel will be a resistance to oil's up trend at the moment.
Based on gann's theory the 45 degree trend line is the most sustainable one. After oil going to this flat rising channel, it might not last too long. After it completes wave 5, it will go down quickly.
Comments and suggestions are welcome!
Based on gann's theory the 45 degree trend line is the most sustainable one. After oil going to this flat rising channel, it might not last too long. After it completes wave 5, it will go down quickly.
Comments and suggestions are welcome!
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