Oil bearish until end of april - contrary to geopolitical situat
The high for oil is probably set, for at least a month. It speaks for itself that this is contrary to the current belief due to the war in Ukrain, but the charts speak for themselves.
Expect a correction during the remainder of march and april. Target for the correction is 104 to 106 level. Once the correction is over, Oil will probably rise during summer to 168 - 170.
The elliott wave is shown. Indicators also shown a momentum high, both RSI as the CFG (cardwell's improved version of the RSI). Especially the CFG is showing a momentum extreme, so a cooling off period is very probable.
Timing analysis shows a fibonacci balance of wave 4 to end somewhere in april.
Expect a correction during the remainder of march and april. Target for the correction is 104 to 106 level. Once the correction is over, Oil will probably rise during summer to 168 - 170.
The elliott wave is shown. Indicators also shown a momentum high, both RSI as the CFG (cardwell's improved version of the RSI). Especially the CFG is showing a momentum extreme, so a cooling off period is very probable.
Timing analysis shows a fibonacci balance of wave 4 to end somewhere in april.
Trade closed: target reached:
Wave 4 has been set, right in the middle of our time target (April 11th on 93. Wave 5 is probably started. First stop is previous top (wave 3) of 131.