Thanks for viewing. This is my first post on UKOIL after doing several on US crude. Long story short, these didn't have the chart price history that UKOIL has.
The way I see the count now is that the 2016 to present rally is made up of waves (1) to (3) and we are somewhere in the wave (4) correction. The most recent August to October rally was a 3 wave corrective wave B that is part of an expanded flat that has, or is nearing, its conclusion.
I am expecting a rally shortly, and will be going long once I see a wave 1 up and wave 2 form. I partially expect this rally not to make a new high below 86.72 and there will be a new ABC correction. If there is a new ABC , there is still some room to go down before reaching wave (1) support at 57.18. The other scenario is that it will head straight into wave (5) up, on which case we should see 96+ quite soon. Wave 5 is often extended in commodities so it will likely be the largest move, and could go 100, 110, or even 120+ if that scenario plays out. That said, wave (4) are often the most complex and difficult to play.
Crude is super volatile at the moment. Preserve those funds and good luck.
The way I see the count now is that the 2016 to present rally is made up of waves (1) to (3) and we are somewhere in the wave (4) correction. The most recent August to October rally was a 3 wave corrective wave B that is part of an expanded flat that has, or is nearing, its conclusion.
I am expecting a rally shortly, and will be going long once I see a wave 1 up and wave 2 form. I partially expect this rally not to make a new high below 86.72 and there will be a new ABC correction. If there is a new ABC , there is still some room to go down before reaching wave (1) support at 57.18. The other scenario is that it will head straight into wave (5) up, on which case we should see 96+ quite soon. Wave 5 is often extended in commodities so it will likely be the largest move, and could go 100, 110, or even 120+ if that scenario plays out. That said, wave (4) are often the most complex and difficult to play.
Crude is super volatile at the moment. Preserve those funds and good luck.
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I wasn't trading UK oil, just following. If I had been, I would have lost money