Brent Oil Started Course in Final 5th Leg

0 139

The UKOIL structure shows a bearish impulse. It consists of primary waves ①-②-③-④-⑤.

It is likely that the correction wave ④ has completed on a triple zigzag (W)-(X)-(Y)-(X)-(Z) pattern. Its final wave (Z) ended with an ending diagonal in minor wave C.

We anticipate a decline in the intermediate sub-wave (1). Then, we expect the decline to continue in waves (2)-(3).

We expect the commodity to fall below the previous low formed by intervening wave (X), at 28.97.


An alternative scenario suggests that corrective wave ④ is not yet complete.

We anticipate the final wave (Z) to complete the triple zigzag in wave ④. This follows the completion of the triangle in the second intervening wave (X).

Prices could to rise in a minor A-B-C pattern near the 56.45 area.

The target would respect the tenancy of intermediate waves (Z) and (Y) being equal.

Got your risk management sorted? Open your account now!


or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.