CRUDE OIL has just completed an impulse-corrective wave cycle and has the potential to decline to $53/Barrel. That's a 15% decline from the current market price.
It seems the bulls have really overstayed their welcome..
What's your view on Crude Oil? Let me know in the comment.
Thanks for reading,
Veejahbee.
- The advance the bulls enjoy from wave (A) low unfolded as a double ZigZag correction.
- According to wave theory, the market will resume in the direction of impulse (five-wave) once a correction is completed.
- The correction also perfectly enclosed within a parallel channel (flag) and the price has broken the market structure.
- Any further rally must stay below the $67.03/barrel invalidation level.
It seems the bulls have really overstayed their welcome..
What's your view on Crude Oil? Let me know in the comment.
Thanks for reading,
Veejahbee.