Occasionally, news can give us an indication on which Elliot Wave we are undergoing and according to Trump (whether true or not the algos surely acted), that Russia/Saudi's have agreed on a cut of 10 million barrels.
This likely confirms a wave 4 corrective up upwards that will linger for the next 2 to 3 weeks overall, to roughly the 40 dollar range where there remains a gap to be filled.
From the roughly 40 dollar range oil will make new lows through the month of May and could fall to 10 bucks. Extreme and violent moves: welcome to a bear market.
Once we get to Easter, it is highly likely oil will make a violent move down and make new fresh lows. While it seems improbable based on the 25%+ imminent move, it is highly probable that this movement actually occurs.
Stay safe and healthy everyone! Remember that the most violent upwards and downwards moves occur in bear markets - not bull markets.
- zSplit