With OPEC's recent agreement to cut production, the price of oil may be turning the page and this chart confirms it.
Will it continue is anyone's guess but when I began looking for harmonic possibilities this pattern stood out. It plays nice with supply and demand zones and works well with current cycle. Will we be looking at 100 oil by next summer? I don't know but this chart suggests it is a possibility.
I am a private investor trading with my own money and am in no way a professional. This chart is simply a compilation of my thoughts on the subject of oil and is in no way a trading plan. Trading is a risk rich endeavor;
thus, doing one's own research and risk assesment before investing is a must.
Will it continue is anyone's guess but when I began looking for harmonic possibilities this pattern stood out. It plays nice with supply and demand zones and works well with current cycle. Will we be looking at 100 oil by next summer? I don't know but this chart suggests it is a possibility.
I am a private investor trading with my own money and am in no way a professional. This chart is simply a compilation of my thoughts on the subject of oil and is in no way a trading plan. Trading is a risk rich endeavor;
thus, doing one's own research and risk assesment before investing is a must.
