10-July-2013 - - - Crude Oil U.S. oil looks exhausted and is due for a deep correction, as indicted by its wave pattern and a Fibonacci projection analysis. A big three-wave cycle rising from the April 18 low of $85.61 is approaching an end. Many smaller waves have made up this cycle, and the final wave labelled (5) is unfolding. This wave, along with other four waves labelled (1), (2), (3) and (4) will form a bigger wave C. Even though it is very difficult generally to pinpoint the peak of the fifth wave, the length of the wave (1), however, does indicate a possible peak of the wave (5) around $105.55, the 123.6 percent Fibonacci projection level of the wave (c). A rise above $105.55 may signal the extension of the wave (5) towards $107.24, the 138.2 percent level.
Posted on: Wed, 10 Jul 2013 06:41:56 +0000
Trending Topics
Recently Viewed Topics
© 2015