Count for Brent Crude oil (BCOUSD) starts from covid low at $17.52 in April 2020
Vessels of oil where turned back at sea during lockdown. Supply was enormous, drove crude oil prices to negative territories which made headlines- something beautiful to have witness. LOL
Five wave up from April 2020 low to March 8 2022 high
March 8 2022 high of $135.84 is holding up strong, so far am tracking 1-2 formation decline which seems to suggest a zig-zag correction 5-3-5 (too early to call)
High prices in crude oil may/could/should have peaked.
Consumers may be looking forward to some relieve in the near term as price seems to cool off.
Zig-Zag correction means bears are coming in strong and if formation holds true it means the market likes whatever is been done to fix the high oil price at least in the near term.
decline below Wave B at $100.35 confirms high at 127.02 is in place
ideal entry would be price below $100.35 with stops slightly above 127.02
Disclaimer: We accepts no liability whatsoever for any loss or damage that may result, directly or indirectly, from any forecast or opinion, information or omission, whether negligent or otherwise, within this report
Vessels of oil where turned back at sea during lockdown. Supply was enormous, drove crude oil prices to negative territories which made headlines- something beautiful to have witness. LOL
Five wave up from April 2020 low to March 8 2022 high
March 8 2022 high of $135.84 is holding up strong, so far am tracking 1-2 formation decline which seems to suggest a zig-zag correction 5-3-5 (too early to call)
High prices in crude oil may/could/should have peaked.
Consumers may be looking forward to some relieve in the near term as price seems to cool off.
Zig-Zag correction means bears are coming in strong and if formation holds true it means the market likes whatever is been done to fix the high oil price at least in the near term.
decline below Wave B at $100.35 confirms high at 127.02 is in place
ideal entry would be price below $100.35 with stops slightly above 127.02
Disclaimer: We accepts no liability whatsoever for any loss or damage that may result, directly or indirectly, from any forecast or opinion, information or omission, whether negligent or otherwise, within this report
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