Brent Crude Oil looks to have been in a 3 wave corrective pattern since 2008. Suspect the low of $27 could have marked the end of the corrective trend that started mid 2008.
Since the low of $27 a motive five wave pattern has emerged with a correction to the 4th wave low of $44 Makes for a classic Elliot Wave 1 & 2. Next up should then be wave 3 - the most powerful of the up trend. Would like to see a break above $70 for wave 3 target at the minimum of $95
Since the low of $27 a motive five wave pattern has emerged with a correction to the 4th wave low of $44 Makes for a classic Elliot Wave 1 & 2. Next up should then be wave 3 - the most powerful of the up trend. Would like to see a break above $70 for wave 3 target at the minimum of $95
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So far so good. Would like to see a break of $60
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A break of $60 is looking more and more atractive
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$60 is gone. Higher prices should follow towards the $70 level.