On the 1W chart we have a complete 8 wave cycle about to finish off. Elliot wave ABC correction is in full swing at this moment.
Based on the fact that C should be lower than A, we will see prices around 25-30 USD per barrel before going back up again. Note that wave B consisted of a rising wedge, which once it breaks down should have the same length as the length of wave A.
Based on the fact that C should be lower than A, we will see prices around 25-30 USD per barrel before going back up again. Note that wave B consisted of a rising wedge, which once it breaks down should have the same length as the length of wave A.