Potential Path for Crude Oil Over the Next 2 Years
Could see a bottom to the current down trend at $42,85 - Intersecting major trendlines at that price as well as wave 4 up and C level at that point (red waves).
The waves up from $42,85 are plotted using 0.382 retracement of the ABC correction from $55,04 and $42,85 (red waves) which has an ending point for wave 1 up from $42,85 at $47,81. The rest of the waves are plotted using standard Fibonacci levels, i.e. wave 2 0.618 of 1, wave 3 1.618 of 1, wave 4 0.382 of 3, wave 5 1.618 of 4.
Zoom in and out for detail.
The waves up from $42,85 are plotted using 0.382 retracement of the ABC correction from $55,04 and $42,85 (red waves) which has an ending point for wave 1 up from $42,85 at $47,81. The rest of the waves are plotted using standard Fibonacci levels, i.e. wave 2 0.618 of 1, wave 3 1.618 of 1, wave 4 0.382 of 3, wave 5 1.618 of 4.
Zoom in and out for detail.