I don't expect this to take on during the day but it should complete throughout the weekend since the week chart seems to be ending with a Doji star. Target 1 was set with an opposing .618 but I'm not expecting it to bounce off that retracement by much.
SL above X (56.47), entry 55.96, targets 55.12, 54.39 NOTE: Oanda has different quotes as many other brokers. work therefore proportionally
Reversal Head and Shoulder on Weekly chart
I belive oil complete its C wave around $30. We shall see price to rally up to wave A (marked buy blue box) in later months.
.618 long reached target 1 but as it has stomped into a new .618 for a short movement, it seems we might see brent bouncing back down to a 53.4 - 53.2 to retest the lows
under the green line is neutral. If breaks the green line per day it will go fast up i thing. But watch out down ist possible cause year ends Good luck for all and happy x-max & new year.
SL below X (53.304) entry 53.58 targets 54.044, 54.408 NOTE: Oanda has a different quote as many other brokers Work therefore proportionally!
It's not OPEC, it's just wave C technical analysts could argue ))) We can reach at least the former peak at 69.59 where the C almost equal to A. Amazing power of digits and their ratios.
Brent seems to have found its resistance at .618 retracement and seems to be looking for a 50.598 support