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a megaflag pointing to 120 USD

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Kontrak Berjangka Minyak Mentah Ringan (NYMEX:CL1!)  
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NYMEX:CL1!   Kontrak Berjangka Minyak Mentah Ringan
Trend Analysis Harmonic Patterns Chart Patterns bullishpattern Oil gush
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trendanalysis harmonicpatterns chartpattern bullishpattern oil gush
We have encountered two gigantic patterns. Oil will visit both $48 and 120 USD. The question is, which price will it reach first?

The expanding wedge allows for the completion of the large flag that takes us to $120

Bull patterns:

A mega Flag
A Flag
And a symmetrical triangle that completely changes the down trend for now

Bearish patterns:
expanding wedge


So, first we will see oil prices reach $120 USD, then the economy will start getting hit by stronger inflation cause by the high energy prices, which will lead us to a demand destruction and finally the prices will go down to $48 USD.

NOTE:If the 48 USD wedge occurs first, this will allow the oil price to be released of any pressure to stay in the 100 level.
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