Oil 4th wave consolidation 80.00-104.00
Updated
Expected 4th wave back to between 80.00-104.00.
Oil has started to move up from the lows of 72.42 and now at 77.66.
Scenario 1:
What to expect from 81.40 a potential bat terminating at 79.50-80.40 or extending to 82.62-83.90.
Caution as price could fail between 78.00-79.50 and continue downside targeting 73.80-72.40-70.10 and break lower too.
Should price exceed above 78.00-79.50 then price expected to complete at 80.40 to 82.62.
Scenario 2:
From 93.70 there is a potential for another bat pattern formation.
93.70-70.10=XA
70.10-81.40=AB
81.40-72.42=BC
72.42-?=CD, CD= 100-162%*AB
CD= 72.42+11.00=83.42(100%), 72.42+14.00=86.42(127%),72.42+17.80=90.22(162%).
D = 113%*XA, Therefore 70.10+26.70=96.80(113%).
Scenario 3:
If price fails to break above 81.40 then there is a Bearish butterfly in play
70.10-81.40 =XA
81.40-72.42=AB
BC= 72.42-?? 78.00-80.42(62%-88%)
D= 127%*XA = 81.40-14.35=65.75, 68.63-65.75(113%-127%)
This is my analysis, not trading advice.
Oil has started to move up from the lows of 72.42 and now at 77.66.
Scenario 1:
What to expect from 81.40 a potential bat terminating at 79.50-80.40 or extending to 82.62-83.90.
Caution as price could fail between 78.00-79.50 and continue downside targeting 73.80-72.40-70.10 and break lower too.
Should price exceed above 78.00-79.50 then price expected to complete at 80.40 to 82.62.
Scenario 2:
From 93.70 there is a potential for another bat pattern formation.
93.70-70.10=XA
70.10-81.40=AB
81.40-72.42=BC
72.42-?=CD, CD= 100-162%*AB
CD= 72.42+11.00=83.42(100%), 72.42+14.00=86.42(127%),72.42+17.80=90.22(162%).
D = 113%*XA, Therefore 70.10+26.70=96.80(113%).
Scenario 3:
If price fails to break above 81.40 then there is a Bearish butterfly in play
70.10-81.40 =XA
81.40-72.42=AB
BC= 72.42-?? 78.00-80.42(62%-88%)
D= 127%*XA = 81.40-14.35=65.75, 68.63-65.75(113%-127%)
This is my analysis, not trading advice.
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Note
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