By Orbex
US OIL price action hints at an upward 5-wave impulse in primary wave ③.
With internal intermediate waves (1)(2)(3) and (4) completed we can expect the final wave to push WTI higher.
As waves 1 and 2 of (5) seem completed, prices could rise near 84.63. At that level, intermediate wave (5) will be at 61.8% of wave (3).
Free Reports:
However, there is a possibility that wave (4) has not finished as a double zigzag, but as a triple zigzag.
In that case, prices could decline, and wave Z might form a bearish minute zigzag ⓐ-ⓑ-ⓒ .
The 3-wave pattern might end near 58.48. At that level, intermediate correction (4) will be equal to half of the impulse (3).
After completing the triple zigzag, prices might start to ascend in wave (5), above $77.08.
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
By Wendy Whitman Cobb, Air University If all goes well late on May 6, 2024,…
By Christopher Decker, University of Nebraska Omaha The Federal Reserve held interest rates steady at…
By JustMarkets At Tuesday's close, the Dow Jones Index (US30) added 0.23%, while the S&P 500 Index (US500) was…
By RoboForex Analytical Department Brent crude oil prices have dropped to $83.95 per barrel on…
By ForexTime USDJPY sees over 700-pip swing Copper selloff rewards bears EURCAD hits all bearish targets…
By Selcuk Uluagac, Florida International University You probably know better than to click on links…
This website uses cookies.