Hellena | Oil (4H): LONG to support area of 102.653.

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Colleagues, it has taken quite some time to revise the wave count based on numerous factors. Of course, geopolitics plays a role, but the wave structure always follows certain patterns in one way or another.

At this point, I believe that in order not only to break through the 119.313 level but also to consolidate above it, the price needs to gather strength, which I expect to see at lower levels, for example around the 76.8 area — a fairly distant target, but one I will keep in mind.

As for the specifics, I believe that the price is currently in a major correction “2” (red) and therefore consists of “ABC” waves, which are developing quite clearly.

I think that wave “C” has only just begun its development, and for now, I expect the development of a minor wave “1” toward the support area of 102.653.

Manage your capital correctly and competently! Only enter trades based on reliable patterns!

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