Crude Oil is testing the resistance line and looking to make a shot upwards on the weekly. We are also seeing some potential bullish RSI signals indicating a push to the upside with a peak hitting around 130-145 USD and 72-73 on the RSI
We may also enter a recession as a result of a giant parabolic spike in Oil prices as insider traders enter short positions above $128-130.
"I" would like to share my thoughts with you. --- "WTI Crude Oil"
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a = "I" think "WTI" Crude Oil started a very large --- A-B-C --- Correction
at the "July, 2008" high = $147.27
b = Wave "A" Bottom = January, 2009 Low = $33.20
c = Wave "B" Top = May, 2011 High = $114.79
e = Wave "C" Down Started at the May, 2011 High = $114.79
f = "I" think Wave #3 of Wave "C" down bottemed at the "February, 2016 Low = $26.08
g = "I" think Wave #4 of Wave "C" started at the "February, 2016 Low = $26.08
H = "I" think Wave #4 should be topping soon. --- Around $62.56 Plus or Minus
But no higher than $75.01
i = Then Wave #5 of Wave "C" down should start.
Target for a bottom is below Wave #3 of Wave "C" bottom = $26.08 below this low.
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This is for information only. This is not a recommendation to buy or sell anything.
"Education Only" --- Please remember this may or may not happen.
This is just my opinion only. --- and --- It is not worth very much.
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a = "I" think "WTI" Crude Oil started a very large --- A-B-C --- Correction
at the "July, 2008" high = $147.27
b = Wave "A" Bottom = January, 2009 Low = $33.20
c = Wave "B" Top = May, 2011 High = $114.79
e = Wave "C" Down Started at the May, 2011 High = $114.79
f = "I" think Wave #3 of Wave "C" down bottemed at the "February, 2016 Low = $26.08
g = "I" think Wave #4 of Wave "C" started at the "February, 2016 Low = $26.08
H = "I" think Wave #4 should be topping soon. --- Around $62.56 Plus or Minus
But no higher than $75.01
i = Then Wave #5 of Wave "C" down should start.
Target for a bottom is below Wave #3 of Wave "C" bottom = $26.08 below this low.
===================================================================================
This is for information only. This is not a recommendation to buy or sell anything.
"Education Only" --- Please remember this may or may not happen.
This is just my opinion only. --- and --- It is not worth very much.
====================================================================================
"One Eye Jim"