By Orbex
US OIL prices continue to decline in what seems to be a wave Y of a double zigzag correction.
The current action suggests that the complex pattern belongs to wave ③ of a primary degree bullish impulse.
As part of an intermediate wave (2), we can expect the dip to complete the combination lower. Prices could move towards – and past – the 61.80% of waves (1)(2), near $64.77.
Should bears break the golden ratio, prices could head even lower down. They could reach the 100% extension of waves WX, near $62.50.
Free Reports:
On a different note, when considering medium-term price action, we can see the current short-term structure to be a leading diagonal (of the 33333 variation).
The said alternative comes to the spotlight due to the somewhat corrective-looking structure from the lows of $0.
Should such a scenario prevail, the $77 top would have completed the bullish 3-wave leg. In this case, the downside potential would extend to lower territories.
This is due to the current bearish correction being the first leg of either a 3 or 5-wave pattern to fresh lows.
By Orbex
By JustMarkets At Monday’s close, the Dow Jones Index (US30) was up 0.16%. The S&P…
By JustMarkets At the end of Friday, the Dow Jones Index (US30) was up 1.18%…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
By InvestMacro The latest update for the weekly Commitment of Traders (COT) report was released…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
This website uses cookies.