I think UKOIL will descend the next months. Here is why:
- It just hit the Global Gann fan and went down right after.
- It just completed the head & shoulders potential. I've moved the starting point to the right shoulder.
- It just made the 1.618 level from the (1) leg (Elliot Wave theory).
- It turn down after hitting the 0.618 fibonacci level from the Gann Square starting point.
Forecast (My wild guess!) :
- It will break through the arc (A critical moment on the idea).
- It will descend down to either 60$ (Trade 1b) or 48$ (Trade 1a).
- Then it will probably turn up again and complete the bearish Gartley pattern, arround 96$ (Trade 2).
- After the (5) wave it will turn down to the local 0.382 fibonacci level (Trade 3).
This is not an advice. Make your own strategy and hold on to it ;)