REN-Wave Analysis-Cycle Wave 3

REN looks ready to begin it's cycle 3rd wave.

has completed lower degree waves 1, 2, 3, and 4. (Blue)

Waves 1 and 3 were normal which hints to an extended 5th wave.(Blue)

The 5th Wave has passed the .618 measure (0-3-4)

Only concern I have is the Saudis who have the power to control the price of oil and Trump pressuring the Saudis to produce more...

But, the Saudis want to take their state oil company public which makes them want higher oil.

That being said, the chart looks good and could have substantial upside.

First Target is $43.00

The Fibonacci ratio series is also used to anticipate the terminal points of wave 5. The technique involves calculating the distance traveled from the start of wave 1 (i.e. point 0) to end of wave 3, and computing both a 38.2% and 61.8% measure. Add the results to the bottom of wave 4, and you will get two potential targets for Wave 5. If both waves 1 and 3 were normal waves, then we should expect wave 5 to be an extended wave, and the possible target will range upwards of 100% of the distance from point 0 to point 3.