Bearish in medium term and bullish in long term
The major trend for Crude oil for the long term is bearish as long as the price didn’t break wave (w) super cycle level, and doing zigzag correction (a, b, c) which is subdivision of super cycle wave (x) .
At the moment wave((1)) of wave c is done and we are searching for medium term period for sell entry level which could be between 61.8% – 85.4% of wave ((1)) targeting the equal leg of wave a as shown in the chart. i do prefer to target Fibonacci extension level (61.8%) of wave a and buy at the 100% and make the stop lose below 161.8% extension level.
i don’t prefer buying the oil at the moment as long as the price below 66.48. as shown on the 4 hours chart i am waiting to finish (A), (B), (C) zizag structure correction to sell it at the equal leg of wave (A) .
for the next days the price is going to formulate wave (B) and goining long is the best for the short term trader but consider the stop lose to be below 50.65 level.
1- short term : buy @54.27 / stop lose below 50.65 / targer profit between 61.8 – 100 extension of wave (A) “see 1H chart”
2- medium term: sell entry at the equal leg of wave (A) and the stop lose should be above 161.8% Fibonacci extension of wave (A).
3- long term: Buy entry between 31.36 – 23.38 and the stop lose to be below 10.03
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