USOIL Elliot Wave Nr. 5 start (LONG)
After a period of consolidation in the range of 56-62, WTI Oil made a big corrective move to the 76.2% Fib level (range 41.01-62.96) from where it seems to bounce off again to higher ground. Seen on the chart is an Elliot Wave that shows wave nr. 4 probably being ended anytime soon, and wave nr. 5 commencing her trip to higher price levels.
Technicals
First level of support: 46.71
Resistance levels: 49.82 (61.8%Fib), 52.33 (50%Fib), 54.84 (38.2%Fib), 57.94 (23.6%Fib) and finally 62.96 (0%Fib).
Fundamentals
Iran returning to the market could drive price to lower levels.
Happy Trading!
Technicals
First level of support: 46.71
Resistance levels: 49.82 (61.8%Fib), 52.33 (50%Fib), 54.84 (38.2%Fib), 57.94 (23.6%Fib) and finally 62.96 (0%Fib).
Fundamentals
Iran returning to the market could drive price to lower levels.
Happy Trading!
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