Oil prices have been plunging for a year now ( since the formation of the head and shoulder pattern last summer) and I think the trend will continue for a few weeks considering the uncertainty over the Chinese growth demand being weaker in a market already oversupplied.
Eliot Wave analysis:
Short-term structure:
As the 3`rd wave of the intermediate degree (...
After a successful break of an inverted H&S pattern, the price of corn returned back below the broken neck line and settled on a daily support zone.
As long as the price is below the neck line, 1.35 will act as resistance.
The more interesting scenario will be if the price will climb back up above 1.35. Potential target for the upside move is - 1.6.
