Brent Crude Oil - Target US$ 93Brent Sweet Crude completed primary wave 4 with satisfactory completion of pattern, down to the miniscule degree, yesterday. The rebound since then, appears to be the impulse of primary wave 5, though its too early stage to conclude whether it would be impulse or diagonal. Even if wave 4 were to continue into double correction, there should be retracement back to $84-86 to achieve 50% retracement back forming X to pave way for double threes. However, given the primary 1 to 3 structure and pattern, previous cycles' internal characteristics, it seems less probable that this primary wave 4 would take a double or triple three route.
In either condition, whether the current upswing is impulse of wave 5 of primary degree, or X of double correction, $84 is the first target, thereafter $93+.
Opportune time to open long, when the world is offloading stocks, that's the time to buy. I am adding fresh long to my existing long position (though I am bit late, yesterday on completion of pattern I was convinced, but wasted time in reassurance through many iterations).
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