Although many market participants clearly mention that the Oil chart is very difficult to predict because the black gold is strongly related to political intervention and geopolitical events. However we believe that the social mood which is reflected by the price actions of the Oil chart discounts everything even the geopolitical tensions.
Technically, prices are trading the last move (5th wave) in a big upward impulsive cycle. As long as the “Marabuzo” line at 114.25 is maintained the correction will proceed lower to 78 and 70.00.
On the other hand, a weekly close above 114.25 will revive the upward risk and extend the 5th wave to 141 before the pair starts its big correction to 70/.65.
Technically, prices are trading the last move (5th wave) in a big upward impulsive cycle. As long as the “Marabuzo” line at 114.25 is maintained the correction will proceed lower to 78 and 70.00.
On the other hand, a weekly close above 114.25 will revive the upward risk and extend the 5th wave to 141 before the pair starts its big correction to 70/.65.