we are in wave 2 of a bigger wave 3 for downward move toward target of 75 $
wave count are seen on the chart and with strong CPI yesterday ,bearish move resumed
Recent data showed China’s economy lost further momentum in August, with factory activity extending declines and export growth slowing.
The world’s second-largest economy narrowly avoided contracting in the second quarter amid widespread COVID-19 lockdowns and weakness in the property market which have dented consumption and factory activity.
Recent hawkish comments from Federal Reserve and European Central Bank (ECB) officials have put investors on alert for possible recessions in the U.S. and Europe. Energy demand worries weighed on crude prices as Tuesday's stronger-than-expected U.S Aug CPI report may push the Fed to keep aggressively hiking interest rates, which risks sending the economy into recession and reducing energy demand, so as crude oil is a dollar-denominated commodity. A stronger dollar tends to be bearish for crude.
please see DXY Chart as key factor for crude price
wave count are seen on the chart and with strong CPI yesterday ,bearish move resumed
Recent data showed China’s economy lost further momentum in August, with factory activity extending declines and export growth slowing.
The world’s second-largest economy narrowly avoided contracting in the second quarter amid widespread COVID-19 lockdowns and weakness in the property market which have dented consumption and factory activity.
Recent hawkish comments from Federal Reserve and European Central Bank (ECB) officials have put investors on alert for possible recessions in the U.S. and Europe. Energy demand worries weighed on crude prices as Tuesday's stronger-than-expected U.S Aug CPI report may push the Fed to keep aggressively hiking interest rates, which risks sending the economy into recession and reducing energy demand, so as crude oil is a dollar-denominated commodity. A stronger dollar tends to be bearish for crude.
please see DXY Chart as key factor for crude price
