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we can see the structure of...
Did you read my 23 Nov report on crude oil?
Visit here: Identifying the Crude Oil Price Next Big Move
I had written in bold words, " smart investors can buy for 3260 - 3300 - 3360 - 3400 levels ".
Crude oil has touched the first three targets by making a high of 3376 levels.
Per lot, we have made a profit of 150+ points ( Rs.15,000+ ).
According to this chart, crude oil will keep moving forward and hit the following targets: 3600 - 4000 - 4400 - 4800 .
Here value 1 of retracement will react as support. And consecutive breakout of this support is a direct sign of a downtrend. It can be up to 0.886 (2982) to 0.786 (2735). You can use it as a target.
The upward to sideways moves over the last few weeks seem to have ended with wave Y. If prices trade below 3005, below the diagonal triangle we should be set for a large downmove. This could be a move larger than the one that started in Sep and lead to 2600 levels. Will track as it progresses
Crudeoil in USD has the same pattern and should be headed the same way
