Crude Oil Idea
Follow up on a very old OIL idea from 2021
OIL completed 5 waves up from the COVID lows until the $130 highs, now appears to be in a multi year correction.
There is bullish divergence on MACD and TSI on 1W chart indicating possible trend change.
I think this is possibly C wave up to $100 (1:1 extension) or $115 (1.618 extension).
A break above $130 would indicate the multi year correction was completed at the $64 lows, something like below:
OIL completed 5 waves up from the COVID lows until the $130 highs, now appears to be in a multi year correction.
There is bullish divergence on MACD and TSI on 1W chart indicating possible trend change.
I think this is possibly C wave up to $100 (1:1 extension) or $115 (1.618 extension).
A break above $130 would indicate the multi year correction was completed at the $64 lows, something like below:
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